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Pushed by the Covid-19 crisis, the UK government has borrowed massively to save jobs, businesses and the economy from collapse, making a mockery of the austerity policies that it had championed for a decade. As a result, the role of the state is now in sharp focus. The contributors to this volume assess what that role should be and how it should be harnessed for the good of the British people in all four of its nations. Together they present policy proposals capable of generating a new social settlement and a long-term, equitable economic recovery post-pandemic. It offers both a vision of a future Britain and a roadmap to getting there. Half-title Title page Copyright information Table of contents List of contributors Preface 1 Introduction The revelations of Covid- 19 How did we get here? The UK record on the climate emergency What next? Neoliberalism and the golden age compared Foundations The public service sectors Reform of corporate governance, industrial strategyand finance Tackling poverty and inequality A progressive recovery Conclusion Further reading Part I Foundations 2 Rentier capitalism: the role of finance in the macroeconomy Keynes’s theory Keynes’s nationalism The two stories: finance and income inequality What is financialization? Today Further reading 3 Post- pandemic health and well- being: putting equality at the heart of recovery And how do we do that? What is stopping us? Further reading 4 A second internationalism of labour Diagnosis A first internationalism of labour Political economy Outcomes A Europe of labour Conclusion Further reading Part II The public service sectors 5 Affordable housing and a stronger economy The true drivers of high house prices Reforms to the UK housing market Financial reforms Taxing unearned land rents, not income Rethinking tenure Conclusion Further reading 6 Post-Covid national health and care policies to ensure universal services Vulnerability Ethnicity and Covid-19 Care home residents: the most vulnerable group of all Testing Lack of clinical integration Privatized contact tracing loses its way The marginalization of public health and operational expertise Policies must match population needs Further reading 7 Reforming social care through a care-led recovery The current system The effects of privatization What we need instead A capabilities approach to running the economy Develop a universal care service Value care and care workers properly Mainstream care by organizing society around those who need care and worker/carers Invest in care to lead the post-pandemic recovery From here to there: strategy and implementation Further reading 8 The post-pandemic provision of education in the United Kingdom The debacle of August 2020 What was so wrong before the pandemic? What may change after the height of the pandemic? Further reading Part III Reform of corporate governance, industrial strategy and finance 9 An ownership revolution Further reading 10 Industrial strategy for post- Covid Britain: a renewed public purpose for the state and business? Beyond profit: the question of corporate purpose British companies respond to the Covid-19 national health crisis The state as part of a high-performance network: UK Olympic sport The current debate about corporate purpose Conclusions Further reading 11 Restoring pensions collectivism: a new public pension for the UK State of confusion A new public pension The responsible investment fallacy Conclusions Further reading 12 When the invisible hand fails, the visible hand should step in! Urgent need for a UK National Investment Bank Further reading Part IV Tackling poverty and inequality 13 Revive the commons! The natural commons The social commons The knowledge commons The civil commons The cultural commons Conclusion Further reading 14 The people’s stake: inequality and “asset redistribution” A citizens’ wealth fund Building a fund A citizen’s dividend and a basic income Further reading 15 Over-leveraged households need debt relief Debt relief can reduce harm and induce reform Proposal: generalize historically low interest rates Tensions and debates Strategy and implementation Conclusion Further reading 16 Reforming benefits: introducing a guaranteed income floor A “guaranteed minimum” A guaranteed minimum income A guaranteed income floor (GIF) Comparing GMI and GIF Further reading Part V A progressive recovery 17 To restructure the British state, the international financial system must be transformed The temporary suspension of globalization The left’s blind spot Transformation of the state? Building public and political confidence Further reading 18 Coronavirus and the national debt Fiscal commitments Financing the crisis Stabilizing the national debt Achieving a primary surplus Concluding remarks Further reading 19 Progressive tax reform Vision for change Tax the wealthy properly End the race to the bottom on corporate taxation Clamp down on tax dodging Tensions Where next? Further reading 20 A progressive recovery The Covid recession The Neville Chamberlain strategy of recovery The progressive alternative Further reading Index This book offers both a vision of a future Britain and a roadmap to getting there. It is now clear that the Covid-19 pandemic hit the UK harder than other countries in Europe not least because of the government's ill-timed and ill-conceived response, but also because of the chronic failure of the state to fund public services adequately and to reduce societal inequality in the neoliberal decades since 1979. Pushed by crisis, the government has borrowed massively to save jobs, businesses and the economy from collapse, making a mockery of the austerity policies that it had vocally championed for a decade - policies that undoubtedly created a divided country and precipitated a Brexit vote that has since consumed parliament and stymied social progress. The role of the state is now in sharp focus: the contributors to this book assesses what that role should be and how it should be harnessed for the good of the British people in all four of its nations. They call for nothing short of a new settlement and a complete redesign of the economy. The contributors argue passionately and persuasively for a state that is properly funded, one that looks after its citizens regardless of age, class or ethnicity and enables them to live well. To do this requires the establishment of a functional, fair and green economy managed with a social and public purpose. Bringing together some of the brightest and most-engaged scholars and thinkers in the UK, this book offers solutions and suggestions for how to re-establish the strong state, how to generate a new social settlement and how to manage a long-term and equitable economic recovery post-pandemic. -- Provided by publisher