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Labour seeks to bring new chapter in Britain’s economic history – Rachel Reeves

Labour will seek to bring about a “new chapter in Britain’s economic history”, the shadow chancellor will vow in a speech to business and finance leaders.

Rachel Reeves will vow to “reject managed decline” in a key pre-election message to the business and economic community during the annual Mais Lecture in the city of London on Tuesday.

The shadow chancellor, and former Bank of England economist, will also propose reforms to the Treasury that will increase the role of the department’s Enterprise and Growth unit.

“I remain an optimist about our ability to rise to the challenges we face,” the Shadow Chancellor will say.

“If we can bring together public and private sectors, in a national mission – directed at restoring strong economic growth across Britain.

“A new chapter in Britain’s economic history. And unlike the 1980s, growth in the years to come must be broad-based, inclusive and resilient.”

A potential Labour Government will seek to drive growth through stability, investment and reform, she will tell the audience.

It will pledge to utilise planning reform, strengthen devolution and lay out a “new industrial strategy”.

Government building stock
The Shadow Chancellor will also propose reforms to Treasury operations around budgets and spending reviews (Kirsty O’Connor/PA)

Ms Reeves claims Labour will also plan to create half a million jobs across the UK through a new National Wealth Fund, to invest in growing industries.

Nevertheless, the ambitious pledges come a week after the Shadow Chancellor stressed that “we’re not going to be able to turn things around straight away” if voted into power in the election, expected to take place in the latter half of 2024.

On Tuesday, she will say that the Treasury must be ready to “get to work from day one” to improve economic growth.

This will include Treasury reform by bolstering the Enterprise and Growth unit set up by the last Labour Government, to integrate it into the budget and spending review processes.