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://​twit​ter​.com/​N​E​F​/​s​t​a​t​u​s​/​9​7​6​8​2​2​7​1​5​3​1​0​1​00481

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

https://​twit​ter​.com/​N​E​F​/​s​t​a​t​u​s​/​9​7​6​8​2​4​4​0​5​4​5​0​9​85472

https://​twit​ter​.com/​R​a​c​h​e​l​R​e​e​v​e​s​M​P​/​s​t​a​t​u​s​/​9​7​6​8​2​5​2​7​8​7​3​0​2​64576

https://​twit​ter​.com/​R​a​c​h​e​l​R​e​e​v​e​s​M​P​/​s​t​a​t​u​s​/​9​7​6​8​2​5​5​0​1​4​7​7​1​63008

https://​twit​ter​.com/​t​d​w​j​e​f​f​e​r​y​/​s​t​a​t​u​s​/​9​7​6​8​2​6​0​8​0​6​1​8​3​11681

https://​twit​ter​.com/​N​E​F​/​s​t​a​t​u​s​/​9​7​6​8​2​6​2​8​6​0​2​1​7​91750

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://​twit​ter​.com/​R​a​c​h​e​l​R​e​e​v​e​s​M​P​/​s​t​a​t​u​s​/​9​7​6​8​2​6​6​6​6​1​5​9​9​27296

https://​twit​ter​.com/​R​a​c​h​e​l​R​e​e​v​e​s​M​P​/​s​t​a​t​u​s​/​9​7​6​8​2​6​9​4​2​0​1​9​2​44034

Workers should be better represented within their companies.

https://​twit​ter​.com/​N​E​F​/​s​t​a​t​u​s​/​9​7​6​8​2​7​5​6​2​1​2​1​8​87744

https://​twit​ter​.com/​t​d​w​j​e​f​f​e​r​y​/​s​t​a​t​u​s​/​9​7​6​8​2​7​7​2​2​2​4​3​6​82310

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

https://​twit​ter​.com/​N​E​F​/​s​t​a​t​u​s​/​9​7​6​8​2​8​4​9​6​6​5​8​9​93152

https://​twit​ter​.com/​t​d​w​j​e​f​f​e​r​y​/​s​t​a​t​u​s​/​9​7​6​8​2​8​6​0​4​0​2​8​9​44390

https://​twit​ter​.com/​A​d​r​i​a​n​P​a​b​s​t​1​/​s​t​a​t​u​s​/​9​7​6​8​2​9​0​1​9​9​1​9​4​70592

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

https://​twit​ter​.com/​t​d​w​j​e​f​f​e​r​y​/​s​t​a​t​u​s​/​9​7​6​8​3​0​8​1​3​6​0​5​1​87584

https://​twit​ter​.com/​N​E​F​/​s​t​a​t​u​s​/​9​7​6​8​3​1​1​7​9​6​2​1​0​64704

https://​twit​ter​.com/​m​j​p​o​n​s​f​o​r​d​/​s​t​a​t​u​s​/​9​7​6​8​4​1​5​0​1​6​0​6​1​21472

And Larry Elliott shared some ideas of his own.

https://​twit​ter​.com/​N​E​F​/​s​t​a​t​u​s​/​9​7​6​8​3​2​0​7​9​9​2​0​0​29696

https://​twit​ter​.com/​A​s​h​a​T​h​a​r​o​o​r​/​s​t​a​t​u​s​/​9​7​6​8​3​6​4​1​7​0​4​8​4​65410

Our current economic system is failing. We need a new approach which doesn’t neglect the foundational, everyday economic interactions.

https://​twit​ter​.com/​I​o​n​a​P​o​p​a​t​/​s​t​a​t​u​s​/​9​7​6​9​7​1​8​1​1​6​1​4​3​22688

https://​twit​ter​.com/​C​o​o​p​C​l​a​i​r​e​/​s​t​a​t​u​s​/​9​7​6​8​5​1​4​0​5​3​3​9​3​16226

https://​twit​ter​.com/​m​a​r​k​j​h​o​o​p​e​r​/​s​t​a​t​u​s​/​9​7​6​8​2​9​6​7​5​1​1​5​8​76353

https://​twit​ter​.com/​J​i​m​f​r​o​m​O​l​d​h​a​m​/​s​t​a​t​u​s​/​9​7​6​8​7​7​8​7​6​4​2​2​2​83264