RUSHES: Rachel Reeves delivers 2024 Mais Lecture

Rachel Reeves delivers 2024 Mais Lecture; Part 7 of 27 ENGLAND: London: Bayes Business School: INT Rachel Reeves MP (Shadow Chancellor) speech SOT. - "These changed circumstances explain the decision that Keir Starmer, the Shadow Cabinet and myself recently reached over the scale of government spending attached to Labour’s Green Prosperity Plan, to strike the necessary balance between the imperatives of the energy transition and the real economic constraints we face. Honestly, I don’t want to make this a party political speech any more than you want me to, but nor would it be right or honest to downplay the impact of the upheavals of recent years. Five Prime Ministers. Seven Chancellors. Twelve plans for growth. Institutions undermined. Decisions ducked and deferred. That political instability has fuelled economic instability and deterred investment. That brings us to our own historical juncture: On top of a decade of weak growth and stagnant living standards, the coexistence of stagnation and inflation; significant pressure on government borrowing; caused by, and exacerbating the urgent need for, overdue supply-side reform. An economy lacking resilience in the face of shocks, with public services at breaking point, and one in three working-age families having less than £1,000 in savings to fall back on. It is not only the failings of the past however, but the uncertainties of the future, which necessitate a new approach. Let me explain. In 2000, I graduated from university and began my career at the Bank of England. The Cold War had ended a decade earlier. The ‘great moderation’ was underway. We appeared to be entering a moment of unprecedented economic expansion and geopolitical stability, underpinned by the promise of ever-closer global economic integration. Today, the world looks very different. Gordon Brown called the 2008 financial crisis ‘the first crisis of globalisation’. We can now see that the financial crisis marked a more fund...
Rachel Reeves delivers 2024 Mais Lecture; Part 7 of 27 ENGLAND: London: Bayes Business School: INT Rachel Reeves MP (Shadow Chancellor) speech SOT. - "These changed circumstances explain the decision that Keir Starmer, the Shadow Cabinet and myself recently reached over the scale of government spending attached to Labour’s Green Prosperity Plan, to strike the necessary balance between the imperatives of the energy transition and the real economic constraints we face. Honestly, I don’t want to make this a party political speech any more than you want me to, but nor would it be right or honest to downplay the impact of the upheavals of recent years. Five Prime Ministers. Seven Chancellors. Twelve plans for growth. Institutions undermined. Decisions ducked and deferred. That political instability has fuelled economic instability and deterred investment. That brings us to our own historical juncture: On top of a decade of weak growth and stagnant living standards, the coexistence of stagnation and inflation; significant pressure on government borrowing; caused by, and exacerbating the urgent need for, overdue supply-side reform. An economy lacking resilience in the face of shocks, with public services at breaking point, and one in three working-age families having less than £1,000 in savings to fall back on. It is not only the failings of the past however, but the uncertainties of the future, which necessitate a new approach. Let me explain. In 2000, I graduated from university and began my career at the Bank of England. The Cold War had ended a decade earlier. The ‘great moderation’ was underway. We appeared to be entering a moment of unprecedented economic expansion and geopolitical stability, underpinned by the promise of ever-closer global economic integration. Today, the world looks very different. Gordon Brown called the 2008 financial crisis ‘the first crisis of globalisation’. We can now see that the financial crisis marked a more fund...
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2102281224
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ITN
Date created:
19 March, 2024
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00:03:11:14
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r190324008_31412