The British economic model needs fundamental reform. It is no longer generating rising earnings for a majority of the population, and young people today are set to be poorer than their parents. Beneath its headlines figures, the economy is suffering from deep and longstanding weaknesses, which make it unfit to face the challenges of the 2020s.
It argues that the economy we have today is creating neither prosperity nor justice. This is not inevitable, but the consequence of decisions made in recent decades. The economy exists to serve society, not the other way round. So we can choose to change it, if we have the ambition and determination to do so. If we want to change the economy we have, we need to describe the economy we want.
In this report, the Commission proposes some broad directions and areas for reform. Our final report in 2018 will make specific policy recommendations.
