Chancellor must break with decades of failed economic policy at budget

The New Economics Foundation (NEF) has reacted to today’s speech from chancellor John Healey at Labour party conference.

Hannah Peaker, deputy chief executive of NEF, said:

“The prime minister has said that the last 40 years of economic policy have failed us – and he’s right. Burnham’s plans to create an NHS-style social care system for England is exactly the level of ambition that the UK desperately needs to change course.

“The real test will be whether the chancellor has the courage to break from decades of failed economics in his autumn budget next month. That is when we will see whether he is taking the first steps towards remaking the economy to benefit all of us, not just asset-owners and big business.

“The chancellor today said he wants a new age of industrialisation for the UK. His autumn budget needs to rebuild our productive capacity, spread investment across the country and create good jobs. But it first needs to help bring down the costs that are holding us all back with decisive action on the cost of living.”

Notes

The New Economics Foundation is a charitable think tank. We are independent of political parties and committed to being transparent about how we are funded.