CAMBRIDGE, England — As in many other developed countries lately, the two major political parties in the United Kingdom have embraced economic growth as their top policy priority. Following the volatile 49-day experience of Liz Truss’ government and its “dash for growth” in 2022, however, both parties emphasize that there are no financial shortcuts. The focus, instead, is on devising measures to boost productivity, resource allocation, and growth over the long term. In this respect, the Labour Party is ahead of the Conservatives, though both are still working out the details of actual implementation.

Buoyant, durable, sustainable and inclusive growth is essential for a country where the older generations risk seeing their children end up worse off than they are. That has not happened in many decades. Only growth can deliver the resources needed to enhance living standards, improve public services, support sustainable energy initiatives, limit the scale of generalized tax increases, and combat inequality of wealth, income and opportunity.