University of Bath School of Management University of Bath School of Management

Only fundamental policy change can save the economy, Phil Tomlinson in the FT

Related Links

Dr Phil Tomlinson

A letter written by Dr Phil Tomlinson, Lecturer in Business Economics at the School of Management, with Professor Keith Cowling of University of Warwick, has been published in the Financial Times (Letters, September 6th 2012):

Dear Sir,

Peter Diamond (Comment, 3rd September 2012) is right to suggest the Labour Party ought to start giving serious consideration to its own economic strategy if it is to offer a creditable alternative to the current regime of austerity. In this regard, he identifies some useful strategies for growth, namely a national house-building plan, a national investment bank for small business lending and a greater emphasis upon enhancing (economic) participation among local communities. We would argue these measures should be incorporated within a broader ‘industrial strategy’, which not only attempts to rebuild the UK’s industrial capacity but also focuses upon diffusing the balance of power in the economy away from large corporations and the financial sector. Much of the problem of the UK’s high levels of indebtedness lies behind successive governments seeking a short-term stimulus to the economy, without recognising that the ensuing demand is often satisfied by larger corporations sourcing production from abroad. This has largely contributed to both the UK’s fiscal and trade deficits (the classic ‘twin deficits’ scenario), while financial liberalisation and associated unbridled consumerism has also left consumers becoming saddled with high levels of personal debt. UK economic policy requires a fundamental change in direction, with a greater emphasis upon long term industrial planning.

Professor Keith Cowling, Dept. of Economics, University of Warwick
Dr Phil Tomlinson, School of Management, University of Bath

The letter can be viewed on the Financial Times’ Letters page. A subscription is required.

- Ends -

For further information / press enquiries, contact:

Email: pr@management.bath.ac.uk
Tel: +44 (0) 1225 386856/ 3841

General Notes For Editors:

The School of Management is one of the UK's leading business schools. Currently ranked 1st for Student Experience (Times Higher Education 2015) and 1st for Business Studies (The Times & Sunday Times University Guide 2016), we are a leading centre for management research - placed 8th in the UK in the latest REF2014.

We are one of a select number of international business schools accredited by EQUIS, the European Foundation for Management Development's quality inspectorate and the Bath MBA has been accredited by the Association of MBAs (AMBA) since 1976.

The centrality of research to teaching is an essential feature of all our programmes. The School offers a full range of programmes from undergraduate to postgraduate up to PhD level and post-experience programmes including the world-ranked Bath MBA. The School also provides tailored executive development programmes for middle and senior management.

The School of Management has a faculty of over 100 teaching and research staff, including visiting academics, with a professional support team of around 90 managerial and administrative staff. Research income averages £2 million per annum. There are approximately 2,400 students in total comprising some 150 MBA students, over 500 Master’s students, 250 full- and part-time research students, and over 1500 undergraduates following BSc degrees.