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Rachel Reeves laid out her most detailed economic vision yet in a wide-ranging speech lasting more than an hour aimed at convincing the city that Labor is ready to govern.
Speaking at the Mays Lecture in London, the Shadow Chancellor made it clear that he had three main ideological priorities.
The first is economic growth. Unlike Jeremy Corbyn, she hinted that a Starmer/Reeves government would put GDP at the heart of its mandate because it is growth that raises living standards and funds public services.
Next is security. Drawing a sharp contrast to Tony Blair’s New Labor, Ms Reeves promised to guarantee stability for workers, even if it meant resisting globalisation.
And the final priority is intervention. The next Labor government won’t have a lot of cash to spend, the Shadow Chancellor has admitted – she has promised a similar fiscal stance to Jeremy Hunt – but it will empower an “active nation” and You can work directly with companies to get the best returns that will guide your investment according to your needs.
All of this is driving business executives fed up with the Tory turmoil of recent years to the brink. Labour’s business associations are well overstretched, and lobbyists are scrambling to build relationships with the party. Mission complete.
But most voters don’t watch economics lectures and are uninterested in Labour’s “securityomics” jargon.
Reeves knows the public doesn’t pay close attention to what he says. That’s why she repeats the line in an interview that she used to work at the Bank of England and won’t let her debts get out of control, and that’s why she’s so remorseful. She repeats a simple message over and over again.
As the election approaches, voters will have other questions. Why are taxes so high if public services have not improved? How can politicians improve the NHS, schools, social care and transport networks?
Economic growth is the basis of everything in society. However, since it is an abstract concept, it does not resonate with most people. And to achieve that, every government must face trade-offs. For example, ignoring the concerns of local residents in order to build more housing and infrastructure.
People today still don’t know what Labor stands for, even though polls show Labor is on track for a big electoral victory. Reeves still has work to do to build connections.