Get Britain building again
It’s time for change.
The British economy has been growing at the slowest rate for two centuries under the Tories. And the small amounts of growth it has seen have not benefited the whole country. The result is the biggest fall in living standards in a generation.
It should be the case that if you work hard and play by the rules, you will get on. But for millions of people that is simply not the case. People are working harder than ever but too often for less reward.
For too long we have lacked economic stability,
an industrial strategy, or enough public and
private investment to kickstart growth. There has not been a willingness to reform outdated planning laws that restrict the building of vital new homes and infrastructure.
That is why it is time for a change.
More on our mission to get Britain building again:
The Tories have failed.
All economies have faced the shocks of the pandemic and Russia’s invasion of Ukraine, but the truth is our economy has fared worse than our competitors. Inflation is higher, growth has been slower, our foundations are less secure.
For 14 years, growth has averaged 1.5%, when it was over 2% under the last Labour government. If we had continued to grow at a similar rate, we would have had tens of billions extra to put into our hospitals and schools.
The Tories have made mistakes, serious mistakes.
First, austerity cut to the bone the vital investment needed for growth.
Second, the Tories negotiated a Brexit deal that has caused serious damage to our economy.
Third, when Rishi Sunak was Chancellor, he failed to grow the economy and instead raised taxes to their highest level.
Fourth, the wild Liz Truss experiment crashed the economy.
Fifth, the Sunak-Hunt high tax, low growth economy we are seeing today
The result is the highest taxes for 70 years, soaring mortgage and rent payments and flatlining growth.
Watch Labour’s Economic Mission:
Labour has changed.
Labour is back serving working people and that means a recognition that when there is economic chaos, it is working people that pay the heaviest price. And that is unacceptable. So economic stability is our first duty.
That is why everything we put in our manifesto will be fully costed and fully funded. We have worked up our plans in partnership with business with the purpose of kick-starting growth everywhere and making working people in all parts of the country better off.
Labour will build a genuine partnership with business and civil society – sleeves rolled-up, working for the national interest. A strategic partnership that builds a bridge from the jobs we must protect today to the opportunities we have to win tomorrow.
Labour has a long term plan for growth.
Our plan for growth is ambitious: to secure the highest sustatined growth in the G7. It is based on a powerful new approach called ‘Securonomics’. Some call it ‘modern supply side’ economics.
It means becoming more resilient. We must rebuild our ability to make, do and sell more here in Britain so we are less exposed to global shocks, and less at the mercy of countries like Russia who can cut off our supply chains on a whim.
Crucially it’s about the economic stability that gives businesses the confidence to invest. We have had many conversations with leading CEOs who tell us it’s the chaos and instability – the five Prime Ministers in seven years – that are holding back vital investment in our country.
For families, ‘Securonomics’ means knowing you have enough to put aside for a rainy day. And the knowledge that, when you need them, strong public services will be there for you and your family.
It means guaranteeing security for today’s pensioners and the opportunity to save for a decent retirement for tomorrow’s. We will reform welfare to help people back to work and progress to better paid jobs in work. Labour will commit itself to rebuilding that security.
High streets are the beating heart of local economies, but under the Tories, too many have gone into decline, with shuttered shops and anti-social behaviour. Labour will strengthen the powers available to local communities to regenerate their high streets and town centres, through a strengthened Community Right to Buy and will give councils strong new powers to bring empty shops on their high streets back into use.
And on those foundations, we will be able to seize the opportunities of the future.
Labour’s five point plan for growth.
Labour’s Five Point Plan for Growth is about kickstarting growth in all parts of the country, making working people better off.
- Putting economic stability first by introducing a new fiscal lock to bring economic security back to our national and family finances. Because we will never allow a repeat of the devastation of Liz Truss and the Conservatives’ mini-budget that crashed the economy and left working people worse off.
- Getting Britain building again by reforming planning laws to kickstart 1.5 million new homes, transport, clean energy, and new industries in all parts of the country. Because cheaper bills, the chance to own your own home and modern infrastructure are key to growth and the foundations of security.
- Backing British business with a new industrial strategy created in partnership with business to maximise Britain’s strengths in life sciences, digital, creative, financial industries, clean power and automotive sectors. Creating a National Wealth Fund to unlock billions of pounds of private investment, crowding in 3 times the amount of public investment. Because growing businesses are the best route to high paid jobs everywhere.
- Kickstarting a skills revolution. A new generation of Technical Excellence Colleges, offering more high quality apprenticeships and training opportunities tailored to local jobs in all parts of the country. Because higher skills are good for growth and rising living standards.
- Making Work Pay by introducing a new deal for working people and delivering a genuine living wage, banning zero hours contracts and ending fire and rehire. Because creating well-paid jobs across all parts of our country will make working people better off and more secure.
What Labour’s long term growth plan means for you
- Economic stability, certainty and tough fiscal rules creating the climate for low inflation.
- Well paid jobs with an industrial strategy to back key sectors like life science, tech, financial, clean power and creative industries.
- More homeowners – reforming planning laws to build 1.5 million more homes with first time buyers getting first dibs.
- Higher living standards in all parts of the country.
- A living wage and more security at work with the end to zero hours contracts and fire and rehire.
Let’s turn the page on Tory failure
- People £1,200 worse off with the highest tax burden for 70 years.
- Low growth and stagnant wages.
- Soaring mortgages and rents costing families an extra £240 a month.
- Spiralling debt.
- A decline in homeownership
- Bottom of the OECD league table on child poverty.
- The scrapping of industrial strategy so no long term plan for the economy.
- 2.98 million people now using food banks, up from 60,000 in 2010.