One of the City's most powerful figures calls for 'fundamental reform' to the UK economy — after damning report on child poverty

Shutterstock/Zoltan Gabor

• The UK economy is in need of "fundamental reform" following a failure to raise living standards and address inequality since the 2008 financial crisis, a report has said.
• The IPPR commission on economic justice was put together by leaders in society and industry including Legal and General's $1.3 trillion fund manager, Helena Morrissey.
• The report called for a rebalancing of power towards workers and trade unions, with more government intervention and devolution of decision making from Whitehall.
• Morrissey said she agrees with the thrust of the report: "I don’t think you’ll find many in business, or the City for that matter, who think the economy is perfect… Like me, they think we need a more responsible and fairer form of capitalism," she said.

---

A "fundamental reform" of the UK economy as radical as Labour’s post-war Keynesian reforms and Thatcherism in the 1980s is needed to address inequality and failure to raise living standards in the UK since the 2008 financial crisis, a report from major  has said.

The IPPR commission's report on economic justice,  put together by leaders in society and industry, including the Archbishop of Canterbury Justin Welby, and leading City fund manager Helena Morrissey, delivered a damning verdict on the state of Britain’s economy.

See the rest of the story at Business Insider

NOW WATCH: How a black cop infiltrated the KKK — the true story behind Spike Lee's 'BlacKkKlansman'

See Also:

• The US economy is still haunted by the Great Recession — 10 years later
• British car production plunges as the industry's uncertain Brexit future weighs heavy
• US economic growth in the 2nd quarter gets revised higher, remains strongest since 2014

SEE ALSO: The world economy could grow $26 trillion in a decade if governments and businesses focus on climate change

from Business Insider https://ift.tt/2PGredm