Labour’s economic strategy is about creating a fairer, greener Britain. Labour in government will measure its economic success not by the number of billionaires, but by the ability of all people to live richer lives.
Labour understands that the creation of wealth is a collective endeavour between workers, entrepreneurs, investors and government. Each contributes and each must share fairly in the rewards. The main manifesto theme at the 2017 election was about rebalancing the economy. This means putting less emphasis on the financial sector and real effort into improving the productive economy through public ownership, environmental protection and fair social spending. The creation of a national investment bank and regional development banks are crucial to this.
Labour is committed to a wide ranging programme of public ownership. This means that essential services will be run in the interest of the public good rather than private gain. In some cases, depending on the nature of the public service, this will require a new form of nationalisation where planning and performance are organised centrally and democratically. In others, locally planned public ownership initiatives will involve workers in conjunction with consumers organised on co-operative principles. This will entail ordinary people creating and running the services they need. Although a Labour government is essential to putting the economy onto a better footing, we don’t have to sit back and wait until the next election before we start to act.
Campaigning now for a fairer, greener, more successful economy is essential. Working people deserve stronger trades unions to safeguard and extend employment rights and consumers need better protection from rogue traders and advertisers. People, as workers and as consumers, should be able to share in and benefit from an economy that encourages socially useful and cooperatively planned projects.
Here’s what Labour will do for workers
1. Security at work
3.6 million people are in insecure work. This means they can't plan for the future.
Labour would give workers full rights from day one on the job, and we'd strengthen trade unions.
We'd also ban fire and rehire and give people the right to work flexibly.
2. Quality jobs
One in six working families lives in poverty in the UK. This isn't right. Labour would support British businesses so we buy, make and sell more in Britain. This would help to create well-paid, green jobs in the industries of the future.
3. A fairer economy
Your high street businesses pay their fair share of taxes in the UK but some big, global businesses, like Amazon, don't. Our British businesses are being undercut and losing out. Labour would level the playing field and give our businesses the boost they need to create jobs.
4. Opportunity for all
Too many people can't get the training or opportunities they deserve. We'd deliver a jobs-promise for young people with a guarantee of quality education, training or employment.
5. Work that pays
People should be able to raise a family on their wages, not struggle to make ends meet.
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