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How Labour wants to change the UK economy

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The Labour Party, which won the UK election on Thursday, has made it part of its mission to revive the British economy and deliver good jobs and productivity growth across the country – a difficult task given that productivity and wages have stagnated over the past decade and a half.

Incoming Prime Minister Keir Starmer acknowledged in the early hours of Friday that changing the country, including the economy, would require patience and determination.

The Labour Party said it would adopt a different economic policy from the Conservative Party, which has been in power for 14 years, working more closely with businesses to increase investment while protecting workers’ rights. The Labour Party said its economic agenda would focus on providing economic security.

The party pledged restraint and opted to follow strict fiscal rules to reduce debt levels. That would likely rule out major changes in taxes and spending.

Labor is expected to focus on other reforms and institution-building in the hope of unlocking billions in private investment to boost productivity and improve living standards. The party’s proposals include:

  • Changes to the UK’s planning system to make it easier to build infrastructure and more than a million new homes. The party says it will also build new towns.

  • Create a national wealth fund to invest in green energy, build gigafactories (to produce electric car batteries) and revitalize the steel industry.

  • Establishing a publicly owned energy company, GB Energy, to reduce the UK’s reliance on international energy markets.

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