As economists we believe the Labour party deserves to form the next UK government.

This letter originally appeared in the Financial Times on 26 November 2019
The UK economy needs reform. For too long it has prioritised consumption over investment, short-term financial returns over long-term innovation, rising asset values over rising wages, and deficit reduction over the quality of public services. The results are now plain. We have had ten years of near zero productivity growth. Corporate investment has stagnated. Average earnings are still lower than in 2008. A gulf has arisen between London and the South East and the rest of the country. And public services are under intolerable strain – which the economic costs of a hard Brexit would only make worse. We now moreover face the urgent imperative of acting on the climate and environmental crisis.
Given private sector reluctance, what the UK economy needs is a serious injection of public investment, which can in turn leverage private finance attracted by the expectation of higher demand. Such investment needs to be directed into the large-scale and rapid decarbonisation of energy, transport, housing, industry and farming; the support of innovation- and export- oriented businesses; and public services. It is clear that this will require an active and green industrial strategy, aimed at improving productivity and spreading investment across the country. Experience elsewhere (not least in Germany) suggests a National Investment Bank would greatly help. With long-term real interest rates now negative, it makes basic economic sense for the government to borrow for this, spreading the cost over the generations who will benefit from the assets. As the IMF has acknowledged, when interest payments are low and investment raises economic growth, public debt is sustainable.
At the same time, we need a serious attempt to raise wages and productivity. A higher minimum wage can help do this, alongside tighter regulation of the worst practices in the gig economy. Bringing workers onto company boards and giving them a stake in their companies, as most European countries do in some form, will also help. The UK’s outlier rate of corporation tax can clearly be raised, not least for the highly profitable digital companies.
As economists, and people who work in various fields of economic policy, we have looked closely at the economic prospectuses of the political parties.
It seems clear to us that the Labour Party has not only understood the deep problems we face, but has devised serious proposals for dealing with them. We believe it deserves to form the next government.
Yours,
David G. Blanchflower Bruce V. Rauner Professor of Economics, Dartmouth College; Professor of Economics. University of Stirling; former member of the Bank of England Monetary Policy Committee
Victoria Chick Emeritus Professor of Economics, University College London
Lord Meghnad Desai Emeritus Professor of Economics, London School of Economics and Political Science
Stephany Griffith-Jones Emeritus Professorial Fellow, Institute of Development Studies, University of Sussex; Financial Markets Director, Initiative for Policy Dialogue, Columbia University
Simon Wren-Lewis Emeritus Professor of Economics and Fellow of Merton College, University of Oxford
Jonathan Aldred Director of Studies in Economics, Emmanuel College, and Faculty of Economics, University of Cambridge
Tanweer Ali Lecturer, Empire State College, State University of New York
Patrick Allen Chair, Progressive Economy Forum
Carolina Alves Joan Robinson Research Fellow in Heterodox Economics, Faculty of Economics and Girton College, University of Cambridge
Antonio Andreoni Senior Lecturer in Economics, SOAS, University of London
Shawky Arif Senior Lecturer in International Development, University of Northampton
Joseph Baines Lecturer of International Political Economy, King’s College London
Kate Bayliss Senior Research Fellow, SOAS, University of London
Hannah Bargawi Senior Lecturer and co-Head of Department of Economics, SOAS University of London
Adotey Bing-Pappoe Senior Lecturer in Economics, Greenwich University
Peter Bloom Professor of Management, Essex Business School, University of Essex
Bruno Bonizzi Senior Lecturer, University of Hertfordshire, Hertfordshire Business School
Dr Alberto Botta Senior Lecturer in Economics, University of Greenwich
Andrew Brown Professor of Economics and Political Economy, University of Leeds
Mark Bryan Reader in Economics, University of Sheffield
Mike Bull Reader in Social Enterprise, Manchester Metropolitan University
Jonathan Busch Research Fellow in Ecological Economics, University of Leeds
Terry Byres Professor Emeritus of Political Economy, SOAS, University of London
Robert Calvert Jump Research Fellow, University of Greenwich
Ha-Joon Chang Reader, Faculty of Economics, University of Cambridge
John Christensen Director, Tax Justice Network
David Cobham Professor of Economics, Heriot-Watt University
Christine Cooper Professor of Accounting, University of Edinburgh
Christopher Cramer Professor of the Political Economy of Development, SOAS, University of London
Bruce Cronin Professor of Economic Sociology, University of Greenwich
Andrew Cumbers Professor of Regional Political Economy, University of Glasgow
Yannis Dafermos Lecturer in Economics, SOAS University of London
Hulya Dagdeviren Professor of Economic Development, University of Hertfordshire
William Davies Professor in Political Economy, Goldsmiths, University of London
Jerome De Henau Senior Lecturer in Economics, Open University
Jonathan Di John Senior Lecturer, Political Economy of Development, SOAS, University of London
Danny Dorling Halford Mackinder Professor of Geography, University of Oxford
Gary Dymski Professor of Applied Economics, University of Leeds
Ciaran Driver Professor of Economics, School of Finance and Management, SOAS, University of London
Trevor Evans Emeritus Professor of Economics, Berlin School of Economics and Law
Andrew Fanning Marie Curie Research Fellow, Sustainability Research Institute, University of Leeds
Ben Fine Emeritus Professor, School of Oriental and African Studies, London
Felix FitzRoy Emeritus Professor of Economics, School of Economics and Finance, University of St. Andrews; Research Fellow, IZA, Bonn
Guglielmo Forges Davanzati Professor of Political Economy, University of Salento and Department of Land Economy, University of Cambridge
Carlos Fortin Emeritus Fellow and Research Associate, Institute of Development Studies, University of Sussex
Vasileios Fouskas Professor of International Politics and Economics, University of East London
Daniela Gabor Professor of Economics and Macro-Finance, University of the West of England Bristol
Giorgos Galanis Senior Lecturer in Economics, Goldsmiths, University of London
Sara Gorgoni Associate Professor in Economics, University of Greenwich
Ian Gough Visiting Professor in the Centre for Social Exclusion, London School of Economics
Giorgos Gouzoulis Research Fellow, University College London
John Grahl Emeritus Professor of Economics, Middlesex University
Martin Greeley Fellow, Institute of Development Studies, University of Sussex
Alexander Guschanski Lecturer in Economics, University of Greenwich
Hassan Hakimian Emeritus Professor of Economics, SOAS, London
Barbara Harriss-White Emeritus Professor, Wolfson College, Oxford
Jostein Hauge Research Associate at the Institute for Manufacturing, University of Cambridge
Judith Heyer Emeritus Fellow, Somerville College, Oxford
Ariane Hillig Lecturer in Economics, Goldsmiths, University of London
Susan Himmelweit Emeritus Professor of Economics, Open University
Peter Holmes Reader in Economics, University of Sussex
Peter Howells Emeritus Professor of Monetary Economics, UWE Bristol
Leslie Huckfield Lecturer, Glasgow School for Business and Society, Glasgow Caledonian University
Tim Jackson Professor of Sustainable Development, University of Surrey
Michael Jacobs Professorial Fellow, Sheffield Political Economy Research Institute, University of Sheffield
Sir Richard Jolly Emeritus Professor, Institute of Development Studies, University of Sussex
Emily Jones Associate Professor in Public Policy, Blavatnik School of Government, University of Oxford
Annina Kaltenbrunner Associate Professor in the Economics of Globalisation and the International Economy, University of Leeds
Raphael Kaplinsky Emeritus Professorial Fellow, Institute of Development Studies, and Honorary Professor, Science Policy Research Unit, University of Sussex
Ewa Karwowski Senior Lecturer in Economics, University of Hertfordshire
Steve Keen Honorary Professor, University College London
Effie Kesidou Associate Professor in Applied Economics, University of Leeds
Mushtaq Khan Professor of Economics, SOAS, University of London
Andy Kilmister Senior Lecturer in Economics, Oxford Brookes University
Suzanne J Konzelmann Reader in Management, Birkbeck, University of London
Sunil Mitra Kumar Lecturer in Economics, King’s College London
Ingrid Harvold Kvangraven Lecturer in International Development, University of York
Neil Lancastle Senior Lecturer, Accounting and Finance, De Montfort University
Stewart Lansley Visiting Fellow, University of Bristol
Costas Lapavitsas Professor of Economics, SOAS, University of London
Clive Lawson Director of Studies in Economics, Girton College Cambridge
Jane Lethbridge Principal Lecturer, Business Faculty, University of Greenwich
Merle Lipton Visiting Research Fellow at King’s College London
Michael Lipton Emeritus Professor of Economics, Sussex University
Emanuele Lobina Principal Lecturer, Public Services International Research Unit, University of Greenwich
Lorena Lombardozzi Lecturer in Economics, The Open University
Pedro Mendes Loureiro Lecturer in Latin American Studies, University of Cambridge
Terry McKinley Professor of Development Studies, SOAS, University of London
Laurie Macfarlane Head of Patient Finance, UCL Institute for Innovation and Public Purpose
Maureen Mackintosh Professor of Economics, The Open University
Julia Martin-Ortegqa Professor of Ecological Economics, University of Leeds, UK
Paul Mason Visiting Professor of Economics, Wolverhampton University
Imko Meyenburg Senior Lecturer in Economics and International Business, Anglia Ruskin University
Jo Michell Associate Professor of Economics, University of the West of England Bristol
Jonathan Michie Professor of Innovation and Knowledge Exchange, University of Oxford
Johnna Montgomerie Reader in International Political Economy and Head of Department, European and International Studies, King’s College London
Simon Mohun Emeritus Professor of Political Economy, Queen Mary University of London
Richard Murphy Professor of Practice in International Political Economy, City, University of London
Bona Muzaka Reader in International Political Economy, King’s College London
Natalya Naqvi Assistant Professor in International Political Economy, London School of Economics
Susan Newman Associate Professor in Economics, University of the West of England
Maria Nikolaidi Senior Lecturer in Economics, University of Greenwich
Dan O’Neill Associate Professor in Ecological Economics, University of Leeds
Ozlem Onaran Professor of Economics, University of Greenwich
Christine Oughton Professor of Management Economics, SOAS, University of London
Carlos Oya Professor of Political Economy of Development, SOAS, University of London
Cem Oyvat Senior Lecturer in Economics, University of Greenwich
José Gabriel Palma Emeritus Senior Lecturer, Faculty of Economics, Cambridge University
John Palmer Former Political Director, European Policy Centre, Brussels
Alberto Paloni Senior Lecturer in Economics, University of Glasgow
Marco Veronese Passarella Lecturer of Economics, University of Leeds
Jonathan Perraton Senior Lecturer in Economics, University of Sheffield
Avinash Persaud Emeritus Professor, Gresham College; former senior banker, J.P.Morgan and State Street
Ann Pettifor Director, Policy Research in Macroeconomics (PRIME)
Valentino Piana Director of the Economics Web Institute
Kate Pickett Professor of Epidemiology, Deputy Director of the Centre for Future Health, University of York
Jeff Powell Senior Lecturer in Economics, University of Greenwich
Kate Raworth Senior Associate, Environmental Change Institute, University of Oxford
Hugo Radice Life Fellow, School of Politics and International Studies, University of Leeds
Howard Reed Director, Landman Economics
Matteo Rizzo Senior Lecturer in Development Studies, SOAS, University of London
Pallavi Roy Lecturer in International Economics, SOAS University of London
Shampa Roy-Mukherjee Senior Lecturer in Economics, University of East London
Josh Ryan-Collins Head of Research, Institute for Innovation and Public Policy, University College London
Magnus Ryner Professor of International Political Economy, King’s College London
Alfredo Saad Filho Professor of Political Economy and International Development, King’s College London
Diego Sanchez-Ancochea Professor of the Political Economy of Development, University of Oxford
Malcolm Sawyer Emeritus Professor of Economics, University of Leeds
Gregor Semieniuk Lecturer in Economics, SOAS, University of London; Research Assistant Professor in Economics, University of Massachusetts Amherst
Marianne Sensier Research Fellow in Economics, University of Manchester
Mimoza Shabani Senior Lecturer in Financial Economics, University of East London
Alan Shipman Lecturer in Economics, Open University
Kalim Siddiqui Senior Lecturer in International Political Economy, University of Huddersfield
Prem Sikka Professor of Accounting and Finance, University of Sheffield
Andrew Simms Co-director, New Weather Institute; Research Associate, Centre for Global Political Economy, University of Sussex
Pritam Singh Visiting Scholar, Wolfson College, University of Oxford
Alan Southern University of Liverpool Management School
Guy Standing Professorial Research Associate, SOAS, University of London
Julia Steinberger Professor of Social Ecology and Ecological Economics, University of Leeds
Sara Stevano Postdoctoral Research Associate, European and International Studies, King’s College London
Frances Stewart Emeritus Professor of Development Economics, University of Oxford
Engelbert Stockhammer Professor of International Political Economy, King’s College London
Beth Stratford Fellow at the New Economics Foundation
Hanna Szymborska, Lecturer in Economics, Open University
Jeff Tan Associate Professor in Political Economy, Aga Khan University, UK
Paul Temple Reader in Economics, University of Surrey
Geoff Tily Senior Economist, Trades Union Congress
Jan Toporowski Professor of Economics and Finance, SOAS University of London
Daniele Tori Lecturer in Finance, Open University Business School
Mehmet Ugur Professor of Economics and Institutions, University of Greenwich
Elvira Uyarra Reader in Innovation Management and Policy, University of Manchester
Elisa Van Waeyenberge Senior Lecturer and Co-Head of Department of Economics, SOAS University of London
Roberto Veneziani Professor of Economics, Queen Mary University of London
Ragupathy Venkatachalam Lecturer in Economics, Goldsmiths, University of London
Bhaskar Vira Professor of Political Economy and Head of Department of Geography, University of Cambridge
Robert H. Wade Professor of Global Political Economy, London School of Economics and Political Science
Geoff Whittam Reader Glasgow School for Business and Society, Glasgow Caledonian University
John Weeks Professor Emeritus of Development Economics, SOAS University of London
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Christina Wolf Senior Lecturer in Economics, Kingston University
Adrian Wood Emeritus Professor of International Development, University of Oxford
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