We need to transform the economy of our country so that no-one and no community is left behind.
Too many people have failed to share in prosperity. We live an increasingly unequal society. Earnings for most people have fallen over the last decade and too many of the jobs available are insecure and poorly-paid. The proceeds of economic growth have ended up in too few hands in too few places. The huge potential of our whole country and its people is wasted when instead putting its wealth to good use, it is hoarded by a very few.
We have to change this. We need a Labour government with a plan to invest so that every part of our country shares in Britain’s prosperity. That means a real commitment from government to put the resources we need to build the infrastructure of a 21st century economy, from railways to digital communications. It means a serious commitment to funding the scientific research and technology that will create the economy of the future. It means a commitment to giving power back to our regions, nations and communities so that can take back real control over their own futures. And it means building the new institutions, just as we once built the NHS, to enable us to do this.
Investment for the future
Investment today, delivered across the whole country, means every part of our country will share in the prosperity. Long-term investment will delivers the high-wage, secure jobs now and into the future. But for too long private investors have not committed the funding we need, whilst this government is planning to cut its own investment spend. And over half of all public investment in England goes to London alone. We need to raise the whole country up.
Government investment today is the cheapest it has been for generations. We can reverse the historic imbalances of our economy and transform opportunities for working people across the whole country. Labour is committed to a £500bn investment programme that will deliver the funding needed to transform our economy, half of it from a new National Investment Bank. We will overcome decades of neglect in our transport systems and bring the UK’s digital infrastructure, including ultra-fast broadband, up to the world-leading standard a 21st century economy needs.
We will invest in renewable energy and clean technology to future-proof our economy, laying the firm foundations for future prosperity. And we will never again allow scientific research and technological development to be underfunded in Britain, committing the public resources we need to deliver innovation and establish new centres of technological expertise like the US’ world-beating energy research facility, ARPA-E.
National Investment Bank and regional development banks
Delivering this transformation will mean building new institutions able to meet the aspirations of the British people. Labour will establish a National Investment Bank, following the best practice of countries like Germany’s KfW Bank, to deliver investment in infrastructure, develop expertise and draw in additional funding. With £100bn as capital, provided by government, the National Investment Bank will leverage this up to £250bn of funding ready to deliver economic transformation across the country.
Onto the backbone of the National Investment Bank, we’ll establish regional development banks like John McDonnell’s “Bank of the North”, focused on their areas and with a clear mandate to deliver the patient, long-term investment to small businesses and smaller-scale investment projects.
Economic renaissance to create 1m jobs
Labour will commit to delivering a 21st century industrial strategy, focused on green industries and the high-tech sectors in which this country can expect to excel. For too long, governments have stood by whilst essential industries like steel have been brought to the brink of failure. Labour will intervene to support core industries, and to sustain the new, clean sectors of the future like renewables and progress in remanufacturing. Drawing on expertise and best practice from across the world, Labour will create one million decent, secure jobs by the end of its first term.
Stay in touch