Labour has today published our approach to building prosperity in 21st Century Britain – a different approach to creating prosperity, not relying on a few but boosting productivity across Britain’s firms and workforce.
It sets out a different approach for Labour; supporting working families by reforming our economy so it produces a more inclusive prosperity rather than relying on redistributing through tax and spend.
This plan learns the lesson of the slow recovery, stagnant living standards and stubbornly high deficit of recent years – that we need to build a more productive, higher skill, higher wage economy.
The Tories’ failing plan: relying on a few firms and people
The Tories believe that the route to prosperity is to support a few people and firms at the top with tax cuts, and hope that wealth trickles down to everyone else.
The last five years have shown that it doesn’t work – you can’t build British prosperity by ignoring the businesses where the great majority of British people work.
The failure on living standards and the deficit is because their plan has failed to build a more productive economy with low investment and exports falling short.
Labour’s better plan: big reforms to boost productivity across British firms and workforce
We have a better plan because we know that Britain succeeds when working families succeed. To build a more productive economy we will:
- Put small businesses first for tax cuts with a new commitment to lower taxes for small business than the Tories, because cash-flow holds them back more than other firms.
- Give our biggest exporters the certainty to invest, including by staying in a reformed EU.
- Promote an industrial strategy for our biggest employers, not just for high-tech firms, to raise skills and stop undercutting in areas like social care.
This is a better plan to build a more productive economy that will raise living standards and reduce the deficit. It marks a new direction for Labour, because our approach to delivering fairness will be one of big reform not big spending.
The choice at this election is between a failing plan and a better plan for working families.