Labour was urged tonight to stop 'punishing' business with anti-growth measures as it launched its latest attempt to revive the economy. Chancellor Rachel Reeves will emphasize her readiness to move 'further and faster' in pursuit of growth, and Prime Minister Keir Starmer announced a new 'growth test' to ensure policies boost the economy. However, damaging policies like the £25 billion National Insurance raid will proceed.
Labour was urged tonight to stop 'punishing' business with anti-growth measures as it launched its latest attempt to revive the economy. In a significant speech tomorrow, Chancellor Rachel Reeves will emphasize her readiness to move 'further and faster' in pursuit of growth. Prime Minister Keir Starmer also announced today the introduction of a new 'growth test,' which will mandate that policies are vetoed unless they demonstrably boost the economy.
However, despite these pronouncements, No 10 confirmed that a series of potentially damaging policies, including the £25 billion National Insurance raid, will proceed. This has led critics to implore ministers to 'unblock the barriers to growth they have created themselves,' citing the Chancellor's 'job tax,' Angela Rayner's workers' rights charter, and Environment Secretary Ed Miliband's ban on new oil and gas exploration in the North Sea as examples. These measures are set to continue.Shadow business spokesman Andrew Griffith stated: 'Labour talk a big game on cutting red tape whilst simultaneously piling on more environmental regulations and propose their job-destroying Employment Bill. They must support, not punish, those who do the right thing. 'Businesses and high streets are bleeding out right now... Only business creates jobs and growth in the economy. It would serve Labour well to learn this basic lesson.' In her speech in Oxfordshire tomorrow, the Chancellor will declare her commitment to prioritizing growth by dismantling planning regulations, curbing excessive bureaucracy, and confronting the 'blockers.' She will insist that low growth 'is not our destiny,' while warning that 'it will not come without a fight.' Britain, she will argue, is a country of 'huge potential' with the 'fundamental strengths' to 'compete in a global economy.'Keir Starmer will announce the implementation of a new 'growth test,' requiring that policies be vetoed unless they demonstrably contribute to economic growth. In a significant speech, Chancellor Rachel Reeves will emphasize her readiness to move 'further and faster' in pursuit of growth. The Chancellor will also unveil plans for a new Oxford-Cambridge growth corridor, encompassing thousands of new homes, enhanced transport links, and a pioneering hospital dedicated to cancer research. The Chancellor has also recently declared her intention to champion the regeneration project around Old Trafford, which the government asserts will lead to the development of new housing, commercial, and public spaces. They characterize it as a 'shining example of the bold pro-development model that will drive growth across the region.' This governmental support follows MailOnline's revelation that the prospect of a new stadium and the demolition of Manchester United's current Old Trafford home had progressed earlier this month. Read More Man United handed major boost as Government announces backing for Old Trafford regeneration project It follows Sir Keir Starmer's address to a gathering of business leaders, wherein he affirmed that Cabinet ministers would be directed to prioritize growth, stating that he was 'hard-wiring growth into all the decisions of the Cabinet' with the new growth test. 'When you’re answering the question, “should we do X, or should we do Y”, that is guided by the mission,’ he said. 'Should we do X? If it’s good for growth, good for wealth creation, the answer is “yes”. If it’s not then the answer is “no”.’ However, No 10 subsequently acknowledged that the test would not necessarily preclude all policies detrimental to growth. Sir Keir's spokesman stated: 'The decision-making will continue to be for the Cabinet; we are not going to pre-empt Government decision-making. The point is the growth impact, the growth credentials, must be presented – much like public spending implications must be presented – such that in reaching collective agreement it is very clear what the impact of those decisions will be on growth.' The spokesman refuted the notion that Labour is sending conflicting messages on issues such as deregulation, but confirmed that Ms Rayner will proceed with the 150-page Employment Rights Bill, which, according to the Government's own assessment, will cost businesses up to £5 billion annually. And the punitive raid on employers' NI will also take effect in April, as will an increase in stamp duty and other measures such as a rise in the minimum wage and restrictions on junk food advertising. Shadow chancellor Mel Stride stated that Labour's gloomy pronouncements and record tax-raising Budget had 'killed growth stone dead Tom Clougherty, of the Institute of Economic Affairs, welcomed the shift in Labour's rhetoric towards a focus on growth, but stressed that it now needed to be accompanied by a change in direction
BUSINESS GROWTH LABOUR PARTY KEIR STARMER RACHEL REEVES NATIONAL INSURANCE ECONOMIC POLICY EMPLOYMENT BILL REGENERATION PROJECTS
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