The UK Labour Party has a Biden-esque economic plan — but it’s very different to Bidenomics

by | Oct 16, 2023 | Financial

LIVERPOOL, U.K. – Oct. 11, 2023: Britain’s main opposition Labour Party leader Keir Starmer applauds a speaker the final day of the annual Labour Party conference in Liverpool, northwest England, on October 11, 2023.Paul Ellis | Afp | Getty ImagesLONDON — The U.K.’s main opposition Labour Party last week set out the economic platform it hopes will propel it to power at next year’s general election, and the transatlantic parallels were clear.Labour leader Keir Starmer promised to go “speed ahead” with investment in the clean energy transition that he said would create half a million jobs and power economic growth while delivering on the country’s climate goals.”Clean British energy is cheaper than foreign fossil fuels. That means cheaper bills for every family in the country, but also a chance to make us more competitive across the board,” Starmer told the party conference in Liverpool on Tuesday last week.”Countries like America are using this gift to create manufacturing jobs the like of which we haven’t seen for decades, and they’re not the only ones.”Elsewhere, Shadow Chancellor Rachel Reeves set out an economic plan she dubbed “securonomics,” rooted in the belief that growth is created “from the bottom up and the middle out” — a word-for-word echoing of U.S. President Joe Biden’s economic philosophy.Reeves promised last week to “rebuild Britain” as the party seeks to de-risk business investment in emerging technologies with a new national wealth fund, maintaining an active state while harnessing private investment to drive economic growth.She also vowed to overhaul the country’s planning system in order to speed up infrastructure projects, a plan she claimed will unlock a further £50 billion ($61 billion) of private investment.Reeves said that Labour wants to secure £3 from the private sector for every £1 of public money spent in the proposed national wealth fund, and the plan was widely acknowledged to have been i …

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