Krishnan Guru-Murthy speaks to Chancellor Rachel Reeves about the UK economy, austerity, the NHS and gifts to Labour cabinet members.
Chancellor of the Exchequer Rachel Reeves vows that “there will be no return to austerity” in the UK under the Labour government.
She says her plan for Britain’s growth is to “unlock investments” and bring prosperity back to the country.Krishnan Guru-Murthy: There’s a clear change of tone at conference, that the doom and gloom is sort of giving away to a bit more of the future. How happy and optimistic are you feeling now?I’ve never been more optimistic about our country’s future and our country’s prospects. We have fantastic businesses, entrepreneurs, working people who work hard and want to get on in life. The last few years, instability and chaos has held back our country.
Our plan for growth is to unlock investment. We are the only G20 economy with investment of less than 20 per cent of GDP. We need to boost investment, both public and private. The Treasury that I now run needs to take into account the benefits, not just the costs, of investment, and we need to leverage in that private sector investment. That’s why, for example, we’ve created a National Wealth Fund to invest in some of the jobs and industries of the future.
There will be no return to austerity under this Labour government. Austerity was incredibly damaging for public services, yes, but also for our economic prospects because it chokes off the growth that is necessary to improve living standards and bring businesses to Britain so there’ll be no return to austerity. But we’ve got to grow our economy if we’re going to be able to realise that potential.But I’ve been asking you about this since you were in opposition.
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