Boosting Britain’s feeble growth will require an honest assessment of what the country does well, not just where it lags behind. That may seem head-smackingly obvious. But it needs saying
ought to be able to act as a centralised buyer of new medicines and products, giving startups a large market to test innovations. But it is often sluggish and stingy, and seldom cohesive. America’s competitive health-care market is swifter to adopt new technologies. The time from approval of a medicine to it being available to patients is 120 days in Germany, but 335 days in England.
There are technocratic answers to such problems. The gap in growth capital would close if pension funds and insurers were able to put more of their money into venture-capital funds; less than 1% of these assets is currently invested in unlisted equities. The government this week endorsed proposals to smooth public listings. Last year it added the job of lab technician to its “shortage occupation list”, making it easier for foreigners with the right experience to get a British work visa.
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