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Rachel Reeves faces a big moment in the spotlight tonight.Well, some kind of spotlight – she won’t be in it. celebrity brother Or attending Chelsea Women, but in the world of economics, the shadow chancellor’s Mays speech on Tuesday night is a big deal.
The annual event in the City of London has long been an opportunity for prime ministers, potential candidates and other policy figures to set out their vision for driving Britain’s prosperity.
In 1995, Tony Blair promised that Labor would go further than the Conservatives in curbing inflation. In 2010, George Osborne admitted that the Conservative Party was planning to cut public spending. Two years ago, Rishi Sunak announced his path to tax cuts.
For Reeves, the focus will be on economic growth. Her emphasis on the need to balance the budget suggests that a Labor government is unwilling to invest in the future and does not have the power to fundamentally change the status quo, which almost all experts agree is essential. This has led to criticism that this is not the case. If there is no agreement on what those changes should be.
The shadow Chancellor of the Exchequer’s big ideas during the Blair era to reinvigorate the business and growth sector and give it a meaningful say in the content of every budget were to overcome the Treasury’s sometimes “bean-throwing” mentality. is intended. Economic policy to review the Office for Budget Responsibility spreadsheet totals.
The point of economic and fiscal policy is to make us all better off and to share meaningfully the fruits of a prosperous society with all our citizens. Reeves still has work to do to show how he will accomplish that, but this speech could be a promising start.