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23 October 2024

Universal basic capital could deflate Britain’s populist bubble

Reform is winning where wealth growth is weak. We need radical solutions.

By Liam Byrne

After an uncertain start, the Budget offers Labour a chance to light up the story we told when we first launched our manifesto. Keir Starmer was bold: Labour’s number-one promise was wealth creation. But how to make good on that pledge?

Whenever we talk about wealth creation, the guiding question is simple: who are we creating wealth for? The last 14 years of Conservative rule have been very good for some. The top 1 per cent in Britain have seen their wealth grow by £1trn. The average 1 per-center has enjoyed a £2.2m boost to their fortunes since 2010, 41 times more than the remaining 99 per cent.

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