Interestingly, the FT has just published an opinion piece by Harry Quilter-Pinner (of IPPR & who has not written in the FT before) on why Rachel Reeves, if she is going to to deliver on Labour's (albeit now watered down reforms), needs to reform her 'treasury brain'.
To some extent this nothing new (critics have been arguing Reeves needs to reset her economic mind-set for some time), but what is interesting is the FT has decided to publish (commission?) the piece.
Confirming what many here think, attitudinal analysis suggests Labour could be much bolder in their economic planning & strategy.
Perhaps, they might listen less to the right wing press and more to actual voters?
As Johnson & Flinders conclude:
'With this public support for major public investment running high, Labour has an opportunity to deal with its vision void & set out a more ambitious economic policy'!
Rachel Reeves gets a lot of stick on Mastodon (including from me), so just in the interest of balance here's the Observer's William Keegan (for whom I have a lot of respect) taking her side....
If Rachel Reeves is going to try & reform the Treasury then all well & good (the Treasury mindset has been a major impediment to progressive economic policy for decades)... but if she is merely going to strengthen it, then whatever her own views on how economic policy should be (re)formed, the forces of orthodox & conservative fiscal economics will ensure that the UK's chances for economic revival are stymied!
I am at times worried about the direction of #RachelReeves ideas about economic policy, but on this she is right on the button:
'George Osborne promised to fix the nation’s roof. But the Conservatives have broken the windows, kicked the door in & now they’re burning the house down'....
Indeed, the #Tories are conducting a scorched earth policy in which anything left standing must be burnt!
Green Party co-leader Carla Denyer reacts to Labour's latest u-turn, saying that it is economically illiterate as well as environmentally irresponsible.
Now it seems (as reported in the FT) the #LabourParty is under pressure to water down (or even abandon) its attempts to close the #tax loophole that see #privateequity largely avoid meaningful tax on its profits....
Interestingly (again the FT reports) #RachelReeves is seen as more robust on this issue (closing the tax loophole) than her boss #KierStarmer
At some point (and who knows, we may be past this point) Starmer's accommodation with the right may lose him more votes than he gains....
No-one will be surprised that #RachelReeves commitment not to reinstate a cap on #bankers bonuses & her talk of how valuable #financialservices are to the country follows an influx of £2mn into party coffers from that very source.
In all fairness this is no worse than the #Tories, but for many, they/we want to see something (very) different from Labour not just more of the same kowtowing to the interests of the City of London!
So #RachelReeves tells the FT that: 'The next Labour government will unashamedly champion the UK’s financial services sector', claiming that the #Tories have been 'embarrassed' by the sector's success.
As this country has been run by the financial elite & its familiars for decades (albeit in different guises), this isn't really a break with previous policy.
Rather, this will merely confirm the concerns of many that unless its all deception, after the election will be just more of the same.
Well, this is what happens when you put so-called 'fiscal probity' before everything else.... #KeirStarmer & #RachelReeves are apparently now 'considering' dealing back on their #green investment fund...
When immediate fiscal profiling is seen as more important than seeking ways to address the #climatecrisis by funding a #greentransition, you know that this generation of leaders is less concerned about future generations & more worried about the #Tory press
#Labour have hit upon a policy which will popular in areas like this, where there has been a general exodus of #banks & #banking services... #RachelReeves is taking about accelerating the roll our of 'banking hubs' that deliver services for a range of banks.
The #Tories want to know how it will be paid for but this is one thing the banks should be doing as part of their service commitment & should be made mandatory so as to avoid 'banking deserts'.
What's the answer to the the likely problems an incoming #Labour Govt. would have with the public finances (given its self-denying ordinance of #RachelReeves' commitment to fiscal probity)?
As Polly Toynbee details at some length, Margaret Hodge has a range of answers of which taking a scalpel too all sorts of tax reliefs may be the key - no-one know if they work or are legitimate, so lets make #tax simpler & more effective in making the rich pair fairly!
For those hoping to see some clear blue water open up between the #LabourParty & the #Tories, you'll be glad to know that while #RishiSunak seems to be dismissing the prospect of any sort of arrangement to return the #ElginMarbles (so called), #KeirStarmer has let it be known that he is willing to discuss the artefacts return to #greece.
(that is unless #RachelReeves' commitment to fiscal probity halts that too?)
the UK's #battery problem is becoming ever more obvious... ne way to deal with it would be to have an overall #industrial strategy, but that would require a stable government with a clear long-term vision.
Its a while since the UK had such a government, and whatever #RachelReeves pious words, I'm not expecting Labour to be able to immediately shift the ship of state either.
The real problem is the electoral cycle & the media... a much bigger issue than just batteries!
Ooops, looks like #RachelReeves is heading into a #plagiarism storm after her new book is found (by FT journos among others) to contain unattributed material life from a variety of source...
Hmmm.... well I'd be surprised if any book didn't mine #wikipedia & blogs for material, and I'm going to put me kneck out & say a lot of people (not just my ex-students) don't always reference properly.
So, I wonder if this is anything to do with her being a high-profile #woman detain with #economics?