To build on Andy Haldane’s excellent observation that the most powerful thing a powerful person can do is give away power, I will add Harry Truman: it is amazing what you can accomplish when you do not care who gets the credit (Opinion, January 12).
In addition to the changes Haldane proposes to the machinery of government, the UK badly needs an economic development agency similar to those in Singapore, France and Ireland. Like the Bank of England or the Office for National Statistics, this agency should transcend changes in government and drive a common, national ambition for long-term UK growth. Critically, it should effectively harness the private sector to catalyse areas of strategic national interest, such as life sciences, professional services, technology and entertainment.
The UK is missing a statutory body that can help government of any complexion, together with industry, to plan and execute for long-term growth. What is critically important is that we develop the habits of clear dialogue and collaboration, habits which need a well-conceived institutional scaffold.
There are many versions we should examine and adapt to suit the UK. We just need to start, and we will move fastest if we are more concerned with getting going than getting credit.
CS Venkatakrishnan
Group Chief Executive, Barclays
London E14, UK
