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Political Fix
Martin Wolf on the UK economy: ‘Why I’m worried’
Oct 14, 2024
Martin Wolf, Chief Economics Commentator at the Financial Times, shares his insights on the UK economy and the challenges facing the new Labour government. He discusses the implications of Brexit and COVID-19 on investor confidence and the complexities of raising taxes to stimulate growth. Wolf emphasizes the importance of public-private partnerships and the need for improved savings rates. He balances optimism about advancements in AI and life sciences with concerns about the impact on less skilled workers, while critiquing the effectiveness of the UK's green investment strategy.
41:24
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Quick takeaways
- The UK economy is grappling with stagnant productivity growth, prompting urgent calls for effective interventions from the new Labour government.
- Labour's upcoming budget is critical for establishing its economic strategy, focusing on attracting private investment while addressing public service funding without austerity.
Deep dives
BP's Commitment to Lower Carbon Energy
BP is actively working to increase its investment in lower carbon energy sources in the UK, particularly through the development of offshore wind. The company is maintaining its operations in oil and gas but aims to balance this with a significant shift toward sustainable energy. From 2019 to 2023, the share of BP's global annual investments in lower carbon and transition businesses rose dramatically from approximately 3% to about 23%. This strategy underscores BP's commitment to supporting the transition to cleaner energy while continuing to be a key player in the existing fossil fuel market.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode