Labor plans to copy Joe Biden’s green jobs plan with a £28bn scheme
Labor plans to copy Joe Biden’s green jobs plan with a £28bn scheme under Shadow Chancellor Rachel Reeves, outlining its desire for an interventionist ‘securonomy’ strategy if the party wins next election
Shadow Chancellor Rachel Reeves will label Labor’s economic policy as ‘securonomics’ with a promise to focus on an active state and a stronger industrial strategy.
In a major speech in Washington DC, she will pledge 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 embrace ‘Bidenomics’ as a template for a Labor government as part of his approach.
The party’s flagship “green wealth plan” of £28bn a year mirrors US President Joe Biden’s Inflation Reduction Act and will be central to its industrial strategy. the Financial Times reported.
President Biden’s program seeks to curb inflation by reducing the deficit and investing in domestic energy production while promoting clean energy.
In a major speech in Washington DC, Ms. Reeves will pledge to “rebuild the industrial foundations that we have lost and that have exposed us to global shocks.”
The Shadow Chancellor will also reportedly embrace ‘Bidenomics’ as a template for a Labor government as part of his approach.
She is expected to use her speech to pledge to deepen ties with international allies, saying, “Nations that share values and concerns and that want to seize tomorrow’s opportunities can and should work together.”
In interviews with the FT and the Daily Mirror, Ms Reeves said the party would use the US leader’s approach to create better jobs and opportunities.
She is expected to use her speech to pledge to deepen ties with international allies, saying, “Nations that share values and concerns and that want to seize tomorrow’s opportunities can and should work together.”
On Labour’s proposed economic approach, Ms Reeves will say: ‘It starts with accepting that the world has changed and Britain needs to change with it.
In our time of insecurity, we have discovered the weaknesses of our old economic model: too unambitious about the role an active state can play, too willing to believe that wealth will trickle down, and too dependent on the contribution of an few places. a few industries and a few people.
‘Investing in the industries and technologies that will determine our future economic success, and building 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 underpins our economic strength.
From the ashes of the old model emerges securonomics: building the industries that ensure Britain’s economic security, forging resilience at home, creating new partnerships abroad and bringing together an active state in collaboration with a lively market.’
Labor said the approach will be set out in more detail in its paper, A New Business Model for Britain, due to be published later on Wednesday.
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