Time for Plan B say economists

A ‘Plan B’ to rival the government’s ‘Plan A’ for the economy has been published by left-of-centre pressure group Compass

The plan has the backing of 100 economists and is aimed at creating a “good economy for a good society.” It includes what it describes as “emergency common sense measures,” such as reversing cuts, which Compass said will get the economy moving.

The economists believe the government’s economic plan could see the country’s financial deficit rise, not fall. The group wants quantitative easing to be directed towards a ‘Green New Deal’ to generate thousands of new jobs and urges the creation of a British Investment Bank to leverage investment in housing, transport and renewable energy.

Compass has also called for a Financial Transactions Tax to help generate cash for Plan B measures. The organisation has uploaded a petition demanding the government holds an emergency budget that would instigate “a Plan B for jobs, fairness and sustainability.”

Gavin Hayes, general secretary of Compass, said: “At the heart of Plan B is reforming finance to ensure it works for SMEs [small and medium enterprises] and people throughout the UK. We therefore urge you to sign our petition.”