Many have blamed the irresponsible financial management of developed nations such as the U.S. and U.K. on the the short-sightedness of democratically-elected politicians who just try to survive until the next election.
Thus a group of British economists have proposed a new solution for managing U.K. finances — get the monarchy involved in the oversight process.
Hopefully, this would promote a longer-term perspective from the nation’s bureaucracy as they would be reporting to an institution that has a very substantial interest in the long-term viability of the nation.
Last year on a visit to the London School of Economics (LSE) The Queen expressed her puzzlement over why no one had managed to predict the devastating global crash.
Now a group of economists, including LSE professor Tim Besley and eminent historian Peter Hennessey, has written to her suggesting she takes a closer personal interest in the Government’s management of the nation’s finances. It accuses ministers of failing to take a long-term view of the economy and shying away from making predictions which may turn out to be wrong.
The letter states: “If you, your majesty, were to ask for a monthly economic and financial horizon scanning summary, from say, the cabinet office, it could hardly be refused…and if this were to happen, the spirit of your LSE question would suffuse still more of those of your crown servants tasked to defend, preserve and enhance the economic wellbeing of your country.”
The letter said giving the Queen regular updates would “sharpen the minds” of those whose job it is to monitor financial progress.