“Growth will be our single defining mission.” This was what Keir Starmer said in opposition. He was – and still is – right. Today’s speech by Rachel Reeves shows that the Chancellor is determined to turn the economy around after a decade of stagnation. But the UK’s challenge isn’t just more growth – it’s better growth.
Before the 2008 financial crisis – during the “great moderation” – the UK had an impressive growth record, catching up with its European neighbours. But the truth is, too often, even this growth (and it has got worse since) failed to deliver what we need from it.
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