The everyday economy

We hosted a discussion with Rachel Reeves MP on how we can create a new political economy that bridges our divides

23 March 2018

When politicians talk about economic strategy, they tend to focus on the shiny and high-tech. But there is a whole aspect of the economy which provides the basic goods and services needed for everyday life. It’s not seen as glamorous, but it’s essential to the functioning of society.

This week we hosted a major speech from Rachel Reeves MP. She launched a pamphlet on a new political economy that aims to bridge our divides – one with work, family, and local places at its heart.

Rachel Reeves is the MP for Leeds West. She is currently the chair of the Business, Energy and Industrial Strategy Select Committee. She was Shadow Chief Secretary to the Treasury 2011 – 2013, and Shadow Minister of Work and Pensions from 2013 – 2015.

Her speech was discussed by Larry Elliott, economics editor at The Guardian, and Ann Pettifor, director of Prime and a New Economics Foundation Fellow.

Here are some highlights.

https://twitter.com/NEF/status/976822715310100481

We have constructed an economy where power has shifted away from working people.

https://twitter.com/NEF/status/976824405450985472

https://twitter.com/RachelReevesMP/status/976825278730264576

https://twitter.com/RachelReevesMP/status/976825501477163008

https://twitter.com/tdwjeffery/status/976826080618311681

https://twitter.com/NEF/status/976826286021791750

We need an alternative to replace our current economic system, one which supports those on middle and low incomes. Economic policy should pay attention to those who work in the ‘everyday economy’.

https://twitter.com/RachelReevesMP/status/976826666159927296

https://twitter.com/RachelReevesMP/status/976826942019244034

Workers should be better represented within their companies.

https://twitter.com/NEF/status/976827562121887744

https://twitter.com/tdwjeffery/status/976827722243682310

And power must be spread throughout the country, not simply concentrated in the South East.

https://twitter.com/NEF/status/976828496658993152

https://twitter.com/tdwjeffery/status/976828604028944390

https://twitter.com/AdrianPabst1/status/976829019919470592

Ann Pettifor proposed some approaches for creating a new political economy.

https://twitter.com/tdwjeffery/status/976830813605187584

https://twitter.com/NEF/status/976831179621064704