Filippo Gaddo, Managing Director at MAP and SPE member, held a discussion with Stephen Millard, Deputy Director at the National Institute of Economic and Social Research (NIESR), whose research interests are centred around macroeconomics in general and central banking in particular.
 
In the interview, Stephen and Filippo discuss the current state of UK economy and the first 2 months of the new Labour government – what policies have been put in place or announced and what to expect going forward. Stephen explores the key challenges to a return to higher productivity and sustainable growth in the UK and the role played by the fiscal framework with its limitations on new borrowing. The conversation touches on four sectors in particular need for more investment: the green transition, wider infrastructure in the regions, healthcare and education. Filippo and Stephen also outline a couple of areas for new policy thinking: how to ‘decentralise’ the UK – away from a London centric economy; and how to change our approach to work and retirement – can we re-think when and how we are trained and educated? And can we work for longer, sensible to the needs and demands in later stage of life?
 
Prior to joining NIESR, Stephen worked for 26 ½ years at the Bank of England. During this time he worked in a variety of policy, research and managerial roles across the Bank’s Monetary Analysis and Financial Market Infrastructure Directorates. He has also been a Visiting Professor at the Durham University Business School since 2011 and at the University of Portsmouth since October 2021.

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