Olympics: the key to our success can rebuild Britain's economy
We need politicians who understand why we were so successful at the 2012 Games. Cameron and Osborne do not.
"Everyone has marvelled at the success of Team GB, but the best haul of medals in 104 years is no accident. It is the result of rejecting the world of public disengagement and laissez faire that delivered one paltry gold medal in Atlanta just 16 years ago. Instead, British sport embraced a new framework of sustained public investment and organised purpose, developing a new ecosystem to support individual sports with superb coaching at its heart. No stone was left unturned to achieve competitive excellence.
The lesson is simple. If we could do the same for economy and society, rejecting the principles that have made us economic also-rans and which the coalition has put at the centre of its economic policy, Britain could be at the top of the economic league table within 20 years...
...David Cameron and London mayor Boris Johnson are happy to celebrate the element that is rooted in competition, elitism and individual effort. But they flounder the instant the conversation moves to the role of public investment and the necessity of understanding and sustaining our unique sport ecosystem, just as nearly every Labour politician flounders the other way round...
...In today's government, only Vince Cable consistently argues for it and is thus nicknamed the "anti-business" secretary by many on the right whose understanding of what drives success in modern economies and societies is close to zero. The big point is that success depends on recognising that both elements count.
So what to do economically? The first part of the alchemy is for the state to trigger substantial public investment in everything that supports enterprise - communications, science, knowledge generation and transfer, housing and education. And to do so with purpose and consistency. It should be running at least £30bn a year higher than the Treasury currently spends, financed either by taxation or borrowing, depending on the particular economic conjuncture. Currently, it should be financed by borrowing at the lowest interest rates for 300 years. A plan B should begin immediately with such an ambition...
...Osborne and Cameron believe in the same ideas - public disengagement, free markets and laissez faire - that brought Olympic failure. Either they change or political leaders who do understand what to do must take their place. Britain could so easily be a world success. But first it has to find politicians who understand the necessity of hybridity. They are not Osborne and Cameron."
http://www.guardian.co.uk/commentisfree/2012/aug/12/will-hutton-olympics-economic-recovery 