Sunday 12 June 2022 / 11:30 AM Labour Press / Labour Press / The Latest from Labour

Labour sets out its plan for a stronger and more secure economy

Labour sets out the urgent need for a stronger and more secure economy – saying that Britain cannot continue with the Conservatives’ sticking plaster approach to deep economic problems.

Speaking on the Sunday morning broadcast, Shadow Chancellor Rachel Reeves’ will highlight how plummeting growth forecasts and economic mismanagement are leaving families worried about the future, and undermining confidence in the UK economy.

Reeves, a former Bank of England economist, will say how a Labour government will go beyond necessary crisis support packages and take the measures necessary to strengthen it for the long term.

It comes as the party reveal a new dossier of Tory incompetence on energy security.

This shows how, from cutting gas storage to not insulating homes – Conservative failures on energy security have will cost Britain £9 billion this year alone.

Reeves will set out how Labour will give families and pensioners across Britain more economic security by:

Giving British businesses security: including providing emergency support for energy intensive industries and a cut in business rates, paid for by a temporary increase in the Digital Services Tax.

Give Britain energy security: by acting immediately on insulation and renewable and nuclear forms of energy with Labour’s Green Energy Sprint. This includes home insulation, home grown renewable and nuclear investment.

Give Britain supply chain security: by sorting out problems at British ports and cutting red tape for exporters; buying, making and selling more in Britain; and developing a robust competition and takeover regime to strategically protect the productive capacity of British firms.

Following stark warnings from the OECD this week on Britain’s growth and inflation forecasts, she will underline how growing the economy is crucial for getting our country back on track. Labour’s plan would do that through  a new Industrial Strategy, the party’s Climate Investment Pledge, and by scrapping business rates and replacing them with a fairer, more modern system.

Rachel Reeves MP, Labour’s Shadow Chancellor, said:

“People are scared about the future and lack the confidence to spend.

“While the Chancellor’s cost of living package and u-turn on the windfall tax are welcome, we need more than just sticking plasters. People want more than just sticking plasters. They want to know that the government has got control of the economy and a grip of this crisis.

“Over the past 12 years the Conservatives have demolished the foundations of our economy.

“With me as Chancellor, Labour will build a stronger, more secure economy. We will get the cost of living crisis under control and make Britain more resilient, laying the foundations we need for a thriving, dynamic economy.”

Ends

 

Notes to Editors  

Labour’s plan for a stronger, more secure economy can be found here.