Insights from the UK and beyond
from The Great Debate UK:
London-based Roger Bootle, director of Capital Economics and an advisor to business accountancy firm Deloitte, shares his thoughts on what Chancellor George Osborne's budget may hold and its long-term effects on the economy.
Bootle suggests the coalition government must narrow the deficit for this year and give confidence to the markets that something will be done longer term to restore the economy to health.
Watch the video clip here:
Picture Credit: Chancellor George Osborne (L), sits with Deputy Prime Minister Nick Clegg during a meeting at number 10 Downing Street in London June 21, 2010. REUTERS/Dominic Lipinski/Pool
Problems sparked by the financial crisis have not gone away, but have been transferred to the public sector, economist Roger Bootle posits in his new book.In “The Trouble With Markets: Saving Capitalism from Itself” Bootle argues that in large measure, the underlying cause of the financial crisis was the result of an idea that markets work, and that governments do not.”Despite the trillions of dollars lost, and despite the worries of millions of people, more than this — much, much more — is at stake,” Bootle writes. “For this crisis has delivered the killer blow to an idea that has underpinned the structure of society, framed the political debate, and moulded international relations for decades.”Bootle, director of Capital Economics and an economic advisor to business accountancy firm Deloitte, reflects on the pitfalls of the corporate system and puts forth his ideas on the future of capitalism.He discussed his book and his economic predictions with Reuters at his London office.