The cacophony surrounding Sir John Vickers report commissioned by the Coalition government seems to be drowning out more important long term questions over how we grow our economy or how the recommendations of the report fits into wider narratives about job creation, high unemployment and the creation of a vibrant workforce capable of competing in the global economy. Of course I understand that if we have banks with higher capital ratios in relation to what they lend and the separation of high street banking from investment banking operations banks are more likely to be on a much sounder footing.
As bankers, economists and our Chancellor now acknowledge the world economy, the UK included needs a get out of jail card to avert another crisis. The US President responded with a Jobs Plan in Congress setting out in clear detail a series of policy measures which he hopes the Republicans will pass. In view of such bold measures to revive and re-build the US economy the question we need to ask our politicians is where is the UK’s Jobs plan for growth?
Are enterprise zones the way out or is it a combination of quantitative easing, fiscal policy, and the building institutions which support entrepreneurialism the answer, as suggested by Will Hutton of the Work Foundation in Monday evenings Newsnight analysis of the Vickers report.
As researcher at the Pearson Centre for Policy and Learning currently reviewing existing literature on enterprise education and entrepreneurship it is clear that a fair amount has been written on the subject. In the absence of government support and leadership in this area the Centre through its research findings and recommendations will aim to inform current thinking on how enterprise education and entrepreneurship properly embedded within our education system could be harnessed to drive the UK economy at time when clarity is needed on a way forward.