Rachel Reeves: «I'm very supportive of wealth creation» Photo: Lorne Campbell
During a recent holiday in Cornwall Standing in line to visiting a stately home with their children, Rachel Reeves was approached by a member of the public and said, «I really hope you enjoy this summer, Rachel, because I really hope you don't have too many holidays in the next few years.»< /p>
The moment was, in the words of the Labor MP preparing to become chancellor next year, a «reality test» as she enjoyed time with her son and daughter before what she hopes and expects will be » our last opposition conference.”
It is clear that being so close to office (Labor is 20 points ahead of the Conservatives in the latest polls) has prompted Ms Reeves, 44, and Sir Keir Starmer, 60, to make important decisions about how they will run the country. /p>
Ms. Reeves has now laid out two of them clearly, as she gives the clearest picture of how her party intends to win over business leaders and middle-class voters.
First, she will bring companies closer to decision-making processes, ending what she says is Whitehall's «minister knows best» approach. Secondly, Ms. Reeves, a former Bank of England economist, and Sir Keir will decisively abandon the Jeremy Corbyn-era mantra that wealth is evil and should be taxed more heavily.
2906 Workers on the Rise
Visiting a converted 19th-century textile factory in her constituency in Leeds on Friday, Ms Reeves said Labor was preparing to overhaul planning laws to make it easier to build green infrastructure, such as gigafactories to make batteries for electric vehicles, offshore wind farms and new transmission lines – in addition to relaxing laws to make it easier to build houses.
This approach will be part of an approach to do “everything possible” to generate green jobs and investment – to stimulate economic growth — from firms that are attracted by lucrative offers from countries such as the United States, France and Germany.
< p>Ms Reeves believes the UK is «missing out» on investment from car manufacturers as there are plans to build some 50 giant factories in Europe, of which only one is in the UK. She says Labor will use a new sovereign wealth fund to invest £2bn to help attract further private sector investment in eight gigafactories.
She adds: “It's about making sure that when the gigafactory is built, you have the skills you need and people are able to do their job. So it's a partnership approach, not just about money, but also about planning, and also about skills.»
Labor sees building houses as a key way to capitalize on «big opportunities for growth.» Unlike the Conservatives, they plan to relax the rules for building on the lands of the Green Belt.
“We need to loosen up the planning rules a bit,” Ms Reeves says. “Take offshore wind power as an example: it takes 10 to 13 years between the development of a project and the transfer of energy to the grid.”
Focus on business
Ms Reeves has drawn criticism from the Labor Party left the party for that she is too close to business, but it is clear that she and Sir Keir are ready for this fight, as they see private enterprise as a key driver of growth.
“There is too much 'minister knows best' philosophy in this government. Although I think businesses and locals generally know what's best for them,” she says.
“That's why a lot of investment decisions are made elsewhere, because you have a different approach in the US, Germany, or South Korea when it comes to government-business relationships.”
Specifically, Joe's subsidies Biden for hundreds of billions of pounds for the climate and energy business. attracted about $200 billion in investments since last year.
«They have a government there that wants to work with them to promote investment, that's where they're going to go,» says Ms. Reeves.
«There's a real risk that we're going to lose those jobs.» and these new industries, if we don't get serious.»
The UK, she says, is «the largest producer of clean offshore wind power in Europe» and yet «we don't make turbines.» in this country. This is a real missed opportunity.”
Ms. Reeves' philosophy can be seen in an interview she gave The Telegraph after her appointment in May 2021, when she promised to ensure «we can buy, produce and sell more in this country.»
Particularly worrying is the government's alleged inaction when it comes to trying to beat the likes of Biden and Emmanuel Macron in the global race to attract the giant factories needed to ramp up electric vehicle production — and create thousands of jobs.
By 2040, the UK will need about seven giant factories to meet demand.
Last month, Rishi Sunak announced that the government had reached an agreement with Tata Group to build a gigafactory in the UK, the first outside India to manufacture batteries for Jaguar Land Rover.
This is an example of what you can do. But the problem with this government is that it operates piecemeal,” she said. “We have to do everything possible to get these jobs and these investments, because otherwise we will lose more British production, and also we will have to pay more for things, because we will have to import instead of producing something. here in Britain.
“There are 50 battery factories in Europe, only one of them is in the UK. We are just not serious. I hope we get another one, but everyone in the car industry is telling me we need eight in the UK if we are to establish ourselves as a serious car manufacturer.”
Ms Reeves will use the fund £8bn of national wealth to invest «along with business» in green industries such as car batteries, hydrogen and carbon capture. She doesn't rule out tax breaks either, saying, «I think you can put in tax breaks to encourage people to invest here, but I want jobs here.»
Income tax hike not on the table After years of flirting with policies like a new wealth tax and a radical plan to repeal VAT exemptions for private schools, convince wealthier voters they won't face further punishment if they vote for Labor may seem like a daunting task. But it looks like Ms. Reeves and Sir Keir have decided to try just that — from now on.
The Shadow Chancellor insists that Sir Keir's previous plan to raise the top 45p income tax rate is out of the question — as it is any form of tax on wealth.
When asked how the Labor government would treat wealth , she replies: «I'm very supportive of wealth creation and want to see more of that in Britain.»
She wants children raised on estates in the poorer parts of her Leeds constituency to have the same opportunities as young people in richer suburbs. But she insists: «I want more people to have these opportunities, not downplay these opportunities for anyone.»
When asked if Sir Keir's promise during the 2020 leadership competition to raise With the top income tax rate turned down, Ms. Reeves replies, “Yes. The tax burden is the highest in the last 60, maybe even 70 years. There have been 24 tax increases in 13 years of Conservative rule.
“I see no other way to get more money for public services other than through taxation. This will happen through the growth of our way there. And that is why the policy we have laid out is about how we can incentivize businesses, big and small, to invest in Britain.”
What about a form of wealth tax?
< p> «No,» she says for the first time.
The moment marks a significant shift from what she said two years ago: “People who get their income from wealth should pay more.”
Ms Reeves insists the remarks were made in the context of Mr Sunak's ill-fated attempt to boost National Insurance to raise an additional £12bn for the National Health and Welfare Service.
No the need for a wealth tax
“I then said that the government said they needed to raise 12 billion pounds, and I said: well, why do you always have to go to the workers and ask them to contribute more?”
She continues: “U I don't have any spending plans that would require us to raise £12bn. So I don't need a wealth tax or anything like that. We have no plans for a wealth tax. We have no plans to raise taxes other than what we have said. I don't see a way to prosperity through taxation. I want to develop the economy.”
She previously laid out plans to eliminate the tax status of non-residents and eliminate the «loophole» that benefits private equity fund managers.
The denial of «current plans» is, of course, the favorite phrase of «non-negative denial» for politicians seeking to avoid complete denial that they might do something similar in the future. But Ms. Reeves is happy to be categorical. “We will not do this. This is denial. It's not a denial, it's just a denial.» It also «instinctively does not support the frequent flyer fee.»
Her preparations for taking office include «spending a lot of time with business» and seeking advice from Lord Darling Rulanisch and Gordon Brown, her Labor Party predecessors, as well as a «weird conversation» with George Osborne, a figure of hatred among the Labor Left. because it cuts costs.
Ms Reeves says she is urging members of Sir Keir's front bench to propose reforms and identify schemes that can be waived so the money can be spent elsewhere, on the grounds that «as chancellor, I can't turn on the spending faucets.» because…there just won't be any money.»
She adds: «I tell my colleagues all the time: don't come to me with plans to spend more money. Are there other ways to do things? Is there a reform you can make? And then the next question: are there things that your department spends money on that are not priorities?
The government «refused» the reform
The government «abandoned reform six, seven years ago,» she adds.
Ms Reeves remains concerned about the cost of living and is determined, she says, to aim for zero by 2050 should not make people poorer.
“It worries me, and I am sure that the way we do it does not lead to this,” she says. She believes goals such as a 2030 ban on the sale of gasoline cars risk «making life difficult for people» in the absence of an «industrial strategy» to create environmentally friendly alternatives. But she adds that the country needs to stick to the targets because businesses need reassurance.
She and her husband, Nick Joycey, a senior government official, are aware of the high costs of childcare as they «both work» . But she says the family has a «huge advantage» that her parents live nearby.
While Ms. Reeves studied documents over the summer of figures like Jake Sullivan U.S. National Security Adviser, on the link between economic security and national security, she also read aloud alternate pages of the detective series «Mr. Penguin» with her son. According to her, she can be «a bit of a tiger mom.» During the holidays, I make them do some math and read.”
If Ms. Reeves' well-wisher in Cornwall gets her way, it could take several years to write the next book.
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