‘Asset-based welfare’: The social policy corollary of the Anglo-liberal growth model?

Abstract

In the wake of the deepest and longest recession that the United Kingdom has experienced since the 1930s, the consequences of Brexit and now COVID too, this article examines the origins, sustenance and puncturing of the growth dynamic it enjoyed since the early 1990s. It identifies what is termed the ‘Anglo-liberal growth model’ and its social policy corollary, ‘asset-based welfare’, considering the symbiotic yet increasingly tense and dynamic interdependence of the two. It argues that although both are compromised by the compound shocks of the crisis, Brexit and COVID, they have in fact become more not less intertwined and interdependent in these more troubled times. It considers the implications for the long-term sustainability of this fractious coupling and the wider consequences for UK economic performance and social welfare in the years ahead.