Sir Keir Starmer will tomorrow say Labour is now the “party of the centre-ground” and will vow to “fight the Tories on the economy”.
The Labour leader will say during his party conference speech in Liverpool that he stands for “sound money” and that he will “turn the UK into a growth superpower” if elected as Prime Minister.
Labour’s top team has emphasised during the annual conference that it is committed to fiscal responsibility and to moderate centre-left economic policies.
It has also been a conference relatively free of factional fighting, with the party’s left completely sidelined.
Starmer will go on the attack against Liz Truss’ economic plans tomorrow, after she brought forward the biggest UK tax-cutting package in 50 years last week.
He will also recommit to introducing a Office for Value for Money, which would “make sure taxpayers’ money is spent in the national interest”.
Starmer is expected to say: “What we’ve seen from the government in the past few days has no precedent. They’ve lost control of the British economy – and for what? For tax cuts for the richest one per cent in our society.”
Labour has announced during the conference that it would create an £8bn sovereign wealth fund to invest in British green manufacturing and unveiled an industrial strategy today.
The plan includes creating an Industrial Strategy Council to report on the government’s progress in boosting economic growth, tax incentives for firms that increase investment and increased subsidies for green energy.
Starmer will say this plan “will require a different way of working – the biggest partnership between government, business and communities this country has ever seen”.
Shadow business secretary Jonathan Reynolds today said: “Now I agree with the Tories on one thing – the last 12 years have been a disaster. But while they want to double down on their mistakes we’ve got a real plan to make it better.”