Policy impact in the UK

In the UK, representatives of the three main political parties have spoken about the influence of Professor Mazzucato’s work on their policies. She is a member of the Scottish Government’s Council of Economic Advisers and was a member of the UK Labour Party's Council of Economic Advisers from 2015 to 2016, alongside Joseph Stiglitz, Thomas Piketty and others.

Professor Mazzucato’s work was referenced in the Department for Business Innovation & Skill’s key economics paper, Innovation and Research Strategy for Growth, which underpinned the 2011 White Paper of the same name under the Coalition Government. In July 2014 then Secretary of State for Business, Innovation & Skills Vince Cable hosted the opening day of a Mission-Oriented Finance for Innovation conference in the Houses of Parliament, organised by Professor Mazzucato, in which he said he had “been greatly encouraged by the work of Mariana Mazzucato”.

Former Minister of State for Universities and Science, the Rt Hon David Willetts, has also acknowledged the influence of her work on the government’s approach to ‘picking’ technologies for investment and the UK’s Life-Sciences Strategy.

The Labour Party’s former Shadow Business Secretary, Chuka Umunna, has also cited Professor Mazzucato’s work in a speech entitled An Enterprising Governmentwhich set out his policy agenda and in 2015 her work was referenced in the Labour Party’s Economic Plan, A better plan for Britain’s Prosperity“. Professor Mazzucato contributed a chapter to Umunna’s 2014 book, “Owning the Future – how Britain can make it in a fast-changing world”.

Professor Mazzucato has written a paper commissioned by Innovate UK, “A Mission-Oriented Approach to Building the Entrepreneurial State" (PDF), in which she argues that a new framework is needed that recognizes Government’s role in creating and shaping new markets with the potential to transform economic growth, making it more innovation-led, as well as more inclusive and sustainable.

A 2015 booklet she co-edited, “Mission-Oriented Finance for Innovation: new ideas for investment-led growth“, featuring contributions from Vince Cable, Andy Haldane (Chief Economist, Bank of England) and Adair Turner (Senior Fellow, INET) was launched in the UK’s Houses of Parliament in March 2015 with speakers including David Willetts (Former UK Science Minister) and Stewart Wood (Labour peer, shadow minister without portfolio and adviser to the leader of the UK Labour party).