The UK has had a “lost decade” of economic growth under the Conservatives and the country is heading for another decade of “anaemic growth”, Rachel Reeves has said.
Labour’s shadow chancellor used a set-piece speech in Bury today to once again position Labour as an unapologetically pro-business party under Sir Keir Starmer and herself, saying that she wants to “break us out of this cycle of high taxes, high prices and low growth”.
Labour’s efforts to modernise and moderate after a disastrous 2019 election appear to be paying fruit, with the party now consistently leading by double-digit margins in Westminster polling.
Reeves said in today’s speech that a Labour government would aim to slash taxes by overseeing increased investment in green technology and tech start-ups.
She also highlighted that the UK has only averaged 1.8 per cent Gross Domestic Product (GDP) growth per year since 2010 and that the budgetary watchdog expects annual growth to be just 1 per cent by 2024.
“The choice ahead of our country is this: another lost decade of low growth, high taxes, and a deepening cost of living crisis,” Reeves said.
“Or a contract between British government and the British people, a national effort to build a stronger economy, more resilient public services – and prosperity felt in every part of Britain.”