An industrial strategy that focuses on clusters would be a strategic departure from the approach of much of the last three decades, when growth has been promoted through mainly sector-neutral horizontal policies. But without a shift of this nature, there is little prospect of the export revival that the Chancellor was hoping for when he set his target, and little hope of a rebalancing of the economy.
Delivering stronger economic growth and sustained rises in living standards for all working people is the economic policy challenge for our generation. A new progressive policy agenda is needed to achieve this. And it won't come by either turning our backs on the world economy, or hoping that traditional right-of-centre economics - laissez-faire, trickle-down, deregulation - is going to turn the tide of stagnating wages and rising inequality. That's the conclusion of the Commission on Inclusive Prosperity, which I have co-chaired with former US Treasury Secretary Larry Summers and reports today.
If we are then what are the benefits for us as a people of this Superpower? We are told that we benefit from trade deals here and there. But what is the reality? Are we as a population kidding ourselves that we are still a world power? Or is it more of an egotistical and superior belief that we are better than others who are not 'world powers'?
When the recession hit, it wiped out livelihoods and decimated entire markets. In the face of a global slump, Britain's housing sector was no exception; buyers couldn't afford to buy and builders couldn't afford to build. Over the course of several years, the pace of the property market dropped from jet stream to tumbleweed and the UK was left with an increasingly problematic housing deficit.
Myself and my regional team are joining thousands of people across the world by taking part in the Live Below the Line Challenge. For 5 days, we will be living on £1 a day for food and drink, with the aim of raising funds for Oxfam, to help improve the lives of the world's poorest, at home and abroad...
Voters from the 28 member nations of the European Union delivered an election earthquake on May 25. Results show major gains in the European Parliament for anti-integration, Euroskeptic parties which span the ideological spectrum from the extreme-right National Front which won the ballot in France, to the far-left Syriza Party which came first in Greece.
Everything changes at the turn of the year. At least it feels that way having had a needed break from work and the opportunity to spend time with family and friends. It also offers the chance to consider what the brand new year might bring and contemplate how we are going to make 2014 one of our best years yet.
If we were to judge the wellbeing of the nation by the changing skyline of the City of London or the number of designer handbags then we would be on the verge entering a new golden age. However this only tells one side of the story, the other is told by widespread political apathy, increasing household debts and the ever-growing queues at food banks and pay day loan companies.