Reeves Outlines Three Guiding Economic Principles For Labour Government

Shadow Chancellor of the Exchequer, Rachel Reeves, delivering the Mais Lecture to Bayes Business School, University of London, has laid out the economic vision which would underpin a Labour administration.

• Reeves: "As in the 1970s we are in a moment of flux in which old certainties about economic management have been found wanting."
• Reeves: "...the burden falling on the shoulders of working people, at its root a failure to deliver the supply side reform needed to equip Britain to compete in a fast-changing world."
• Reeves says a Labour govt would "build growth on secure foundations guided by three imperatives: Guaranteeing stability... stimulating investment through partnership with business, and reform to unlock the contribution of working people."
• Reeves says that although New Labour provided, "stable politics alongside a stable economic environment', the UK labour market, "remained characterised by too much insecurity."
• Key points: Reeves says, Labour would stop fiscal rule changes outside of emergency situations, restore climate impact into BOE policy remits, seek closer UK-Europe relations, and recommit to a ban on zero-hour contracts.
• Reeves told the BBC ahead of the lecture: "You've got to grow the economy and reform those public services. Growth is essential to do everything else that a Labour government would want to do, including investing in the public services which are frankly on their knees after 14 years of Conservative government."