In its first King's Speech, the Labour government said that "greater devolution of decision making is at the heart of a modern dynamic economy and is a key driver of economic growth."

Historically, why has the UK been so insistent on hoarding power centrally? And what's the potential in Westminster giving away power?

With Tony Travers (LSE), Sarah Longlands (IPPR North) and Neil McInroy (The Centre for Local Economic Strategies)

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Ed has departed for government, and Geoff is left as custodian of the archive. As the Labour government makes its first raft of announcements and appointments, we delve into our back catalogue to find the ideas which might have influenced them.

In this episode, we look at Rachel Reeves' announcement of the National Wealth Fund. What are public wealth funds? What different forms can they take? What are the potential benefits to our country?

We revisit our episode Investment for the People from October 2022. First, we get the beginner's guide from UCL Associate Professor Josh Ryan-Collins. Then we hear from Professor Karin Thorburn about Norway’s Sovereign Wealth Fund, which (due to specific historical circumstances) is very different to the one proposed for the UK, but illustrates how a public wealth fund could transform the way we finance Government spending.

More info

Norway’s Sovereign Wealth Fund

UCL IIPP Report on Public Wealth Funds

Guests

Josh Ryan-Collins, Associate Professor in Economics and Finance, UCL Institute for Innovation and Public Purpose (@jryancollins) (@IIPP_UCL)

Karin Thorburn, Professor of Finance, Norwegian School of Economics (@karinsthorburn) (@NHHnor)

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The day is upon us. Maybe. In the words of the late Teddy Kennedy (uncle of Robert F. Junior, and real-life inspiration for Kendall Roy):

"For all those whose cares have been our concern, the work goes on, the cause endures, the hope still lives, and the dream shall never die."

Thank you for keeping us cheerful.

Email our sporadically monitored inbox: chat@cheerfulpodcast.com

Full text of Ted Kennedy's 1980 Democratic National Concession address: https://www.americanrhetoric.com/speeches/tedkennedy1980dnc.htm

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