Its focus on education is encouraging, as is its recognition that the focus should be on “creating the right conditions for new and growing enterprise to thrive” rather than “protecting the position of incumbents”.
And, as AJ Bell investment director, Russ Mould pointed out on Monday, it is also seems to have a realistic grasp of what governments can (and cannot) achieve.
“Governments can encourage investment, try to help the lot of some members of society and stimulate short-term economic activity,” he said, “But they cannot create long-term growth from nothing or force an economy to jump to their every beck and call, as economic activity is determined by the millions of choices made by a country’s citizens every single day and no democratic authority can force them all to do something at the same time if they do not wish to do it.”
There are many great strategy documents gathering dust at the bottom of important drawers because their authors failed to recognise this.
The problem for investors is that, at present, markets seem to be focusing on what politicians and their policy makers want to achieve rather than what they have done or are going to be able to do – which has left many concerned.
