A change of economic policy is “desperately required” from the UK Government, according to a group of leading economists.
Four expert figures, including Professor David Blanchflower, a former member of the Bank of England's Monetary Policy Committee, and Nobel Prize winner Professor Sir James Mirrlees have called for increased capital investment to help stimulate economic growth.
In a letter to Scottish newspapers, the group stressed “the importance of having the courage to admit the need for change when it is so desperately required”.
As well as being signed by Prof Sir James of Cambridge University, and Prof Blanchflower, a professor at Dartmouth College in the US, who also holds a post at Stirling University, the letter is signed by Professor Andrew Hughes Hallet of St Andrews University and Professor Drew Scott from University of Edinburgh.
The four professors said capital investment is needed, arguing that “only through this form of fiscal stimulus can the UK hope to create a virtuous cycle of jobs, growth and confidence”.