Conference was addressed then by Rachel Reeves, the Shadow Chancellor. ( video | text ). I have used diigo to mark out the exciting quotes from the text. The rest of this post is from my contemporaneous notes.
She started by promising to be Britain’s first green chancellor and promises net zero carbon for electricity by 2030. She promises a real living minimum wage, resurrecting NEDC, where Govt, business and the unions can talk about the economy. She promises that business subsidies will be training focused, business rates are to be abolished to allow the high street to compete with their online competitors, although I wonder where local authority income will come from.
She promised a new sovereign wealth fund, forty years too late, but that’s not her fault.
She spoke of responsible finance, and I add that while I wasn’t so concerned last week, a stricter approach may be needed now that the debt to GDP is nearing 150%. We all need to remember that only growth can reduce debt, but she did promise “No return to austerity”.
She finished the speech with a full and comprehensive promise to invest in NHS jobs, to which I say good, but ask who’s going to do them; many of the vacancies are Brexit related as nurses, cleaners, doctors and research scientists have gone home to Europe and won’t return until the hostile environment is repealed.
She briefly mentioned the plan to ‘Fix Brexit’, which gives me the excuse to repeat or preview that on immigration and labour supply, they have a cakeist view, but left hanging is that she recognised our loss of competitive advantage in science and bioscience, underling the urgency with which we have to rejoin Horizon Europe.
She was silent on currency, and some may consider the plan a version of autarky. It’s a bit hard to judge from a 35 minute speech.