Rebuilding strong, stable families would reignite economic growth and lessen the need for Government spending, leading to a more prosperous society.

That’s according to the macroeconomist and financial analyst, Philip Pilkington, who presented a paper on the topic at the ARC Forum in London.

Low fertility rates, mental health issues, drug abuse, or criminality are all deeply tied to family breakdown, so restoring stable family formation is a hidden key to unlocking long-run economic growth, he said.

“Our national deficits are a symptom of social malaise. Family breakdown is driving spiralling public debt. Evidence reviewed in this paper provides an overview of a variety of costs to the state, from social care to mental health to crime—and shows that the family touches every area of policy”.

“It is time to reframe how we think about economic growth and realise that there is more to it than productivity. It is time to recognise the importance of a productively employed population and how it is driven by labour force participation and population growth. If we are to see an uptick in our demographic trends and a reversal of the downward trajectory in labour force participation, we must restore the family”, he concluded.