Labor describes the economic policy as “securonomics” with a focus on an active state
Hadow Chancellor Rachel Reeves will brand Labor’s economic policy as “securonomics” with a promise to follow a supply-side agenda centered on an active state and a stronger industrial strategy.
In a major speech in Washington DC, she will promise to “rebuild the industrial foundations that we have lost and that have exposed us to global shocks”.
This means investing in sectors and technologies that “will shape Britain’s future success,” Labor said.
The shadow chancellor will also reportedly use “bidenomics” as a template for a Labor government in her speech on Wednesday.
The party’s flagship £28 billion-a-year “green prosperity” plan, modeled on US President Joe Biden’s Inflation Reduction Act, will be at the heart of its industrial strategy, the Financial Times reported.
President Biden’s program aims to curb inflation by reducing the deficit and investing in domestic energy production while promoting clean energy.
In interviews with the FT and the Daily Mirror, Ms Reeves said the party will use the US leader’s approach to create better jobs and opportunities.
Her speech is expected to reaffirm her commitment to deepening ties with international allies, saying, “Nations that share values and concerns and want to seize tomorrow’s opportunities can and must work together.”
Commenting on Labour’s proposed economic approach, Ms Reeves will say: “It starts with accepting that the world has changed and that Britain must change with it.” In our age of uncertainty, we have discovered the weaknesses of our old economic model: too little Ambitious about the role an active state can play, too willing to believe the wealth will trickle away and too dependent on the contribution of a few places, e.g. a few industries and a few people.
“Investing in the industries and technologies that will determine our future economic success and creating financial security in every household in Britain, with good jobs, decent pay and fair working conditions to ensure that working people can contribute to our national success, and that.” Financial security is the basis of our economic strength.
“From the ashes of the old model comes Securonomics: building the industries that keep Britain economically secure, building resilience at home, creating new partnerships abroad and bringing together an active state in partnership with a vibrant market.”
Labor said the approach would be set out in more detail in its paper, A New Business Model for Britain, due to be published later on Wednesday.
https://www.standard.co.uk/business/business-news/labour-brands-economic-policy-securonomics-with-focus-on-active-state-b1083265.html Labor describes the economic policy as “securonomics” with a focus on an active state
