Amid the various crises that have beset the UK Labour Government – some of their own making, some inflicted from abroad – it is easy to forget that the defining mission was supposed to be the pursuit of economic growth.
With that in mind, it was refreshing to attend the recent National Growth Debate, organised by the Good Growth Foundation, a think tank founded by social entrepreneur and former Labour Parliamentary candidate Praful Nargand, which is “on a mission to crack the politics of economic growth”.
The GGF convened an impressive cross-party line up of speakers that included the chancellor Rachel Reeves, chief secretary to the prime minister Darren Jones, shadow chancellor Mel Stride and Lib Dem Treasury lead Daisy Cooper.
The biggest draw of the daytime speakers was the energy secretary Ed Miliband, who used the occasion to announce his plans to de-link gas and electricity prices. However, that formed only one part of Miliband’s pitch, which was an unapologetic declaration that the “era of fossil fuel security is over”.
A host of current and former metro mayors took to the stage to make the case for productive devolution
Whether one agrees or disagrees with Miliband’s argument, it was clear listening to him that he stands out among the current Cabinet as an example of a minister with a clear and passionately held worldview that he can articulate with passion, depth and even humour.
The green transition then was one of the major themes of the day in terms of the pursuit of growth. Another which stood out was the need for greater economic and fiscal devolution.
As well as the array of national politicians, a host of current and former metro mayors took to the stage to make the case for productive devolution, including allowing regions to retain some of the money that they raise locally to spend on their own priorities and specialisms.
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From the chancellor’s recent Mais lecture, it is clear that this is an idea also gaining traction in the Treasury and it will be a theme to watch out for in the coming months.
The conference also provided a platform for some of the emerging voices in the Labour Party who are beginning to set out their own ideas for an alternative economic approach. Chris Curtis, a member of the 2024 intake of MPs who chairs the Labour Growth Group, spoke alongside the former transport secretary Louise Haigh.
Both set out arguments for the Government to take a bolder approach that sees an end to the “obsession” with fiscal headroom, reform of institutions such as the Treasury and OBR, reform of “outdated” property taxes and an end to the imbalance between the taxation of employment and wealth.
The conference was at least helpful in providing a timely reminder that growth remains a defining challenge
The current geopolitical situation and the ensuing energy crisis is going to create an even more challenging landscape for economic growth. The distraction of domestic political machinations will not help.
While this conference was not immune to those distractions, nor oblivious to the wider international crisis, it was at least helpful in providing a timely reminder that growth remains a defining challenge and should occupy more of our political debate in these challenging times, not less.
Simon Fitzpatrick is partner in UK public affairs at H/Advisors Cicero
