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Labour will fix economy in way that works for both business and employees

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Labour will fix economy in way that works for both business and employees

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October 12, 2024February 12, 2023
Labour will fix economy in way that works for both business and employees

FOR too long, governments have failed British industry and British workers.

Administrations of all colours bought into the idea they could be spectators in the global economy, that wealth and opportunity would just flow into our country and communities.

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Years of mismanagement has left Britain lagging behind on the global stageCredit: Shutterstock
We must expand Britain's tech sector

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We must expand Britain’s tech sectorCredit: Getty

Labour governments of the past were far too relaxed about jobs and opportunities leaving our shores as long as the numbers on the spreadsheet added up.

That ends now.

This government was elected to do things differently.

To fix our broken economy and do it in a way that works for both business and employees.

So we will get on the pitch and make the case for this country.

The Industrial Strategy we are launching tomorrow will be explicit in our aim to secure more high-paid jobs for Britons.

We will reverse the trend that has seen our proud industries of the past and opportunities of the future shipped overseas.

World stage

The UK was bottom of the league of G7 countries for investment in 24 out of the last 30 years.

That is embarrassing.

We can, and must, do better.

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We must turn the page on the chaos of the last few years and kick-start a decade of economic renewal, giving business the confidence and opportunity to invest in the United Kingdom.

CEOs and investors from some of the world’s biggest companies, including Google, BlackRock, GSK and Wayve, come to London tomorrow for our inaugural International Investment Summit.

And today, my department sets out a vision for a new, modern Industrial Strategy.

An ambitious project that lets business and investors plan not just for the next year, but for the next ten years and beyond.

Britain already leads the way in many of the sectors we will be targeting, such as advanced manufacturing, clean energy and financial services.

It is industries like these that help grow our economy to compete on the world stage.

This week saw a tidal wave of private investment into energy projects.

With more than £24billion of investments confirmed, we will deliver growth in the clean energy sector, creating jobs and opportunities from Yorkshire to Suffolk, Aberdeen to Stow.

Getting Brits back into work is imperative

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Getting Brits back into work is imperativeCredit: Getty
Britain already leads the way in many of the sectors we will be targeting, such as clean energy

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Britain already leads the way in many of the sectors we will be targeting, such as clean energyCredit: Getty

We are not alone in our mission to power these industries that we excel in.

We are getting industry experts on the team to help achieve our mission.

Microsoft UK’s CEO Clare Barclay will head a dedicated advisory council to make sure the Industrial Strategy delivers for business and spurs growth, spreads wealth and drives up employment.

Our new Investment minister Poppy Gustafsson — a star of the UK tech scene who co-founded a cyber security firm that has grown to be worth £4billion — comes into government with a wealth of private sector experience to help us create a place the world’s biggest and best want to invest in.

We are also announcing changes that will cut red tape for business, attract investors from across the globe and strengthen our position as a global business hub and an open, competitive free-market economy.

I’m optimistic about the future of industry in this country.

And I will work with anyone to make sure Britain wins the race for the jobs of tomorrow.

I hate seeing the UK lose out to countries such as France and Spain when it comes to foreign investment.

I want to look at the investment league table in a few years’ time and see the Union Flag flying high.

We all have a stake in this. Valuable investment leads to good-quality, higher- paying, more-secure jobs and careers.

Spurs growth

Our Industrial Strategy will work hand in hand with our Employment Rights Bill, which was introduced earlier this week and will give Sun readers the biggest upgrade to their workers’ rights in a generation.

If I haven’t made it clear by now, Britain is open for business.

The equation is simple: To grow our economy, we need more high-quality, long-term investment.

But it will be the private sector which spurs that growth, backed by a government that relentlessly fights their corner.

That is why we are committed to creating a new partnership with businesses, and making sure Britain is the best place in the world to invest.

And tomorrow we will see the strength of our commitment on full display during the International Investment Summit.

Building housing is a top priority for this Government

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Building housing is a top priority for this GovernmentCredit: Getty
New Investment minister Poppy Gustafsson — a star of the UK tech scene — comes into government with a wealth of private sector experience

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New Investment minister Poppy Gustafsson — a star of the UK tech scene — comes into government with a wealth of private sector experienceCredit: Getty