Matt Ridley

Britain needs to rediscover failure if it wants to prosper

We should have the courage to take risks on new ventures that may not guarantee a return

issue 01 February 2020

What was Brexit for? After finally taking Britain out of the European Union, the Prime Minister can now start to give us his answer — and the opportunity in front of him is pretty clear. He could speed up, perhaps double, the rate of economic growth by unleashing innovation. After leaving the slow steaming European convoy, Britain must not chug along but go full speed ahead. That means rediscovering trial and error, serendipity and swiftness — the mechanisms by which the market finds out what the consumer wants next.

The stifling of innovation by vested interests in the corridors of Brussels has held Britain back for too long — but it is not the only reason for our sluggish innovation capacity. We can also blame creaky infrastructure, neglect of the north, a glacial-speed planning system, the temptations of a speculative property market, low research and development spending, and a chronic inability to turn good ideas into big businesses.

Written by
Matt Ridley
Matt Ridley is the author of How Innovation Works: And Why It Flourishes in Freedom (2020), and co-author of Viral: The Search for the Origin of Covid-19 (2021)

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