Labour’s “New Chapter for Britain”
Today’s speech by Sir Keir might have been lacking in the bombastic flair of other leaders but he is at least making a case for a new chapter for Britain based on security and opportunity (and business).
Sir Keir posed two questions this morning. Do we move ahead and 'build back’ (Sir Keir conveniently cutting ‘better’ from this now all too familiar strapline) or do we look to seize on this moment to address the inequalities and injustices in our country?
Sir Keir stated that the answer is to seize the moment (no surprise there), just as the post-war generation did. Stating that this can only be delivered through a new partnership between an active government and innovative business. And this can only be delivered by Labour, naturally.
So, what does this mean in real terms? Well, Labour sees March’s Budget as the key moment to begin this new chapter in the country’s history. Stating that we need to equip Britain for the opportunities of the future rather than bringing in a second wave of austerity as we saw in the last decade.
The two new Budget focused initiatives announced by Labour try to provide a means in which to start this new chapter. 1. British Recovery Bonds and 2. A boost to Start Up Loans.
On the second, I particularly welcome the suggestion that funding should be earmarked for specific regions. It is shocking that out of the loans to date that only ￡1 in ￡20 is going to the North East. We need stronger regions to truly level-up the country.
On the first, the government wants us to spend our savings, Labour wants us to take out ‘war bonds’ to support economic security across the country. Will we as a nation harness the spirit of post-war Britain or will we seek to ensure the security of our family in the immediate by other means?
Whatever your view, it is telling that today Sir Keir has begun to shift Labour to a pro-business stance, which has been lacking for all too long. As Sir Keir said himself: “If we’re honest, for too long Labour has failed to realise that the only way to deliver social justice and equality is through a strong partnership with business.”
What does this mean for our industry in the North and in the wider context of the government’s levelling-up agenda?
The Conservative government secured victory at the 2019 general election by turning the red wall blue. The government need to repay those who voted Conservative in 2019. It is not surprising therefore that in the year since that election victory we have seen the emergence of groups such as the Northern Research Group. Conservative MPs who won their seats do not want to give them up anytime soon.
Just this week the Northern Research Group called for a new ‘Northern Big Bang’, built around private investment. This means making the North irresistibly attractive to private investment – both global and domestic – through new investment incentives, planning reforms and other pro-growth measures.
This eagerness to actively seek and act on investment in the North means business needs to actively seek and act on engagement with willing, open, and influential Conservative MPs. However, this is now not just limited to the Conservatives but also Labour who see that business will provide them with the means to pull Britain out of this recession.
There is a window of opportunity for businesses to present bold ideas for the North, which respond to the challenges of tomorrow. If you want to know how to do this, do get in touch.