$130,000 prize of­fered for ‘rad­i­cal ideas’ to solve UK’S weak eco­nomic growth

The Northlines - - BUSINESS -

Craft­ing a so­lu­tion to lack­lus­tre UK eco­nomic growth could land some­one a 100,000 pound ($130,000) prize in a new com­pe­ti­tion launched on Wed­nes­day. A week af­ter of­fi­cial fore­cast­ers pre­dicted the UK won’t ex­pand faster than 1.6 per­cent over the next five years and as Brexit looms, the In­sti­tute for Pub­lic Pol­icy Re­search an­nounced the search for “rad­i­cal ideas” to bol­ster growth.

The think tank said the prize was likely the world’s third big­gest in eco­nomics. It was an­nounced in tan­dem with the re­lease of poll which showed only 23 per­cent of re­spon­dents were con­fi­dent that the gov­ern­ment could find new ways to bol­ster de­mand. The judg­ing panel will be chaired by Stephanie Flan­ders, the head of Bloomberg Eco­nomics, and in­cludes John Mills, the founder of con­sumer­prod­ucts com­pany JML, who is con­tribut­ing to the prize. En­trants must sub­mit a 5,000-word out­line of their pro­posal by Jan. 6.

“The chal­lenge is to find ideas that could force a “step change in the qual­ity and quan­tity of the U.K.’S eco­nomic growth,” the IPPR said in a state­ment.

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