The Labour Party has announced a series of new policies intended to improve conditions for both small and large industries in the UK.
They are the latest in an apparently-unending flood of new policies to be placed before the public since the ‘long campaign’ began in earnest at the beginning of the year.
It seems likely that they follow on from a series of in-depth public consultations, such as ‘Your Britain’, that the party has always said would contribute to the shape of its 2015 manifesto.
For once, it seems, a political party was not lying!
Labour announced yesterday, “Ed Miliband will emphasise that Labour’s plan for creating wealth does not rely on just a few at the very top but on boosting productivity in every business and sector of the British economy.
“[He] will declare that Britain needs a better plan for prosperity than the Government’s failing plan which relies on allowing the most powerful and wealthy to do whatever they want.”
Crucially, the party is emphasising that “this modern industrial strategy is a different approach for Labour than in the past because it seeks to support working families not simply through tax-and-spend redistribution but by building a more inclusive prosperity.”
Here are the key points, as described by Labour:
Labour will back small businesses and new entrepreneurs who will provide the growth and jobs of the future.
· Cutting business rates
· Improving training and apprenticeships
· Promoting competition in energy and banking to ensure market efficiency, lower bills and better access to finance
· Handing more economic power to every part of the UK with £30 billion of devolved funding
Labour will back our biggest exporters which need certainty to invest:
· Staying in a reformed EU and not taking risks with our membership
· Building a strong economic foundation with a tough and balanced approach to cutting the deficit
· Making long-term investment by implementing the Armitt Review recommendation for a National Infrastructure Commission
· Guaranteeing Britain has the most competitive rate of corporation tax in the G7
· Promoting long-termism by changing the rules on takeovers
Labour will back our big employing sectors such as retail and social care by tackling undercutting, with firms coming together to raise productivity and standards:
· Industry led bodies to raise productivity, like we have now in the car industry
· Banning exploitative zero hours contracts
· Raising the National Minimum Wage closer to average earnings – £8 an hour by 2020
· Offering tax breaks to employers who adopt the Living Wage
· Making it illegal to undercut by exploiting migrant workers
Labour will back every sector of the economy by ensuring the public sector plays an active part in driving up productivity by:
· Recognising its role in supporting cutting-edge innovation and research
· Making strategic investment and procurement decisions
In a speech at Jaguar Land Rover in the West Midlands, Mr Miliband was expected to attack the current situation under the Conservative-led Coalition government: “When working people are held back, the country doesn’t prosper as it should. When families don’t have money to spend, it holds back our economy. When there is so much insecurity in the economy, businesses can’t plan for the long term. When people don’t have the chance to develop their skills and pursue a promotion, our companies become less productive and less competitive in the world.”
He was expected to promise support for both small and large businesses: “The jobs of tomorrow will come from a large number of small businesses, not simply a small number of large ones. Our plan recognises that. We will have a fairer tax system, keeping corporation tax the lowest in the G7 for large businesses, but also cutting and freezing business rates for smaller ones. We will create a British Investment Bank, supported by a network of new regional banks and more competition in business banking on the high street, to help small businesses grow. And a new Small Business Administration to co-ordinate work across government to help small businesses succeed.”
There are also plans to decentralise power, moving it away from London, and to help businesses plan for the long term.
That’s a lot of information to absorb in one go. What do you think of it?
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