The government’s plan for economic growth is clear: tax cuts and deregulation. Labour must set out its own plan for growth that is as easy to understand and sum up in a few short sentences.
In her speech to the party conference today (26 September) Rachel Reeves, the shadow chancellor, announced that Labour would set up a National Wealth Fund to invest £8 billion in British industries as part of a £28 billion-a-year Green Prosperity plan. The fund – based on sovereign wealth funds in countries such as Norway and France – will support new factories, steel plants and hydrogen ports. Alongside that Jonathan Reynolds, the shadow business secretary, outlined his industrial strategy, which included a commitment to a zero-carbon electricity system by 2030. The strategy is to promote the green economy and high-paying jobs in towns and regions.
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