It's the preventative services, stupid

The phrase sought to highlight Bush's shortcomings in managing the economy as America was gripped by recession.

Now, with the UK emerging from recession and braced for a lengthy, full-blooded election campaign of our own, many of the shortcomings that will be highlighted are social. According to Action for Children, the UK has to spend a third more in addressing the consequences of social problems - crime, mental health, family breakdown, drug use or obesity - than the next most troubled nation.

The charity's Backing the Future report, in partnership with the New Economics Foundation, sets out the case for a comprehensive investment programme in preventative services for children and young people. While vast sums continue to be spent fixing social problems, it advocates pumping much more into preventing them emerging in the first place. In so doing, the report claims the UK could save £1.5 trillion over 20 years, or £486bn after you factor in transition and implementation costs. The sums are mindblowing - but suffice to say, a £486bn saving equates to five times the NHS's annual budget.