Progressives missed an opportunity after the last crash. To fix our broken economy after Covid-19, we need bold new ideas
All crises create winners and losers. In 2008 progressives failed to anticipate and define a compelling story about the financial crisis. Over the following years, house prices have risen more than twice as fast as wages and the highest paid chief executives are now paid twice as much as their 2010 counterparts. A crucial chance to transform the UK’s economic model was squandered.
The economic crisis wrought by coronavirus will be different. But a clear diagnosis of the nature of this crisis, the longstanding weaknesses it has exposed, and a progressive story of how we might recover from it, are as vital now as they were in 2008. This is a task for progressives everywhere: in society, in our workplaces, in our politics. For Labour, seeking to rebound from a disastrous election defeat, this task will be critical.
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