Labour’s Otherworldly Manifesto
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https://www.rosalux.de/en/news/id/52233/labours-otherworldly-manifesto
Keir Starmer’s party is set to win by a landslide, but its ambitions are simultaneously unrealistic and uninspiring
AUTHOR: Keir Milburn
“Stability is Change!” This seemingly paradoxical, almost Orwellian statement is the principal slogan of the Labour Party’s current parliamentary election campaign. Labour leader Keir Starmer used the slogan at the party’s manifesto launch, and it provides a key prism for understanding the manifesto and its weaknesses.
There is little doubt that the UK electorate is in the mood for change. The widespread, off-stated consensus in the country is that nothing works. The National Health Service is so chronically underfunded that doctor’s appointments are difficult to get and long waiting lists proliferate. The trains are shockingly expensive but utterly unreliable.
The list could go on and on, but the image most frequently used to sum up the situation comes from the failure of the privatized water services. A lack of investment in infrastructure accompanied by the looting of those companies for huge shareholder dividend payouts has led to the near constant release of untreated sewage into the UK’s river system. It flows from there onto our beaches. The British are quite literally swimming in shit!
These problems are identified quite clearly in the Labour Party manifesto, but the diagnosis of their causes and therefore their solutions proves much less convincing. Labour may have a plan to win in July, but how it will govern in the interests of its voters is anybody’s guess.
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The totality of Labour’s spending pledges amounts to just 0.2 percent of GDP, smaller even than the Conservative pledges of 0.8 percent and dwarfed by the previous two Labour manifestos, which promised 2.1 percent and 3.2 percent respectively. Even the pro-market Institute for Fiscal Studies called Labour’s plans “tiny, going on trivial”.
These policies do not point to stability, not least because they do not address the 18 billion pounds of government spending cuts that the Conservatives have already baked into the government budget going forward. The effects of implementing such cuts on government services — which have already suffered so badly under 14 years of severe austerity — makes it hard to imagine that Labour will stick to this commitment. It seems likely that money will be found to prevent the worst of these cuts through technical changes in accounting between the government and the notionally independent Bank of England.
Beyond this paddling, however, the need for investment in the UK is huge. Both public and private investment in the country has collapsed since 2008. It has the lowest business investment in the G7 and ranks just twenty-eighth out of the 31 OECD countries. In the face of this, Labour, hamstrung by self-imposed fiscal rules on bringing down government debt and pledges not to raise the main forms of taxation, are promising so little investment that their plans seem unbelievable.
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Until last February, Labour was promising to immediately strengthen workers’ rights through a New Deal for Workers, and to spend 28 billion pounds per year to decarbonize the economy through its Green Prosperity Plan. The Labour Party’s current openness to corporate funding and lobbying, including the imposition of over 30 parliamentary candidates with corporate lobbying backgrounds, has led to a dramatic watering down of these pledges. The Green Prosperity Plan has been reduced to just 3.5 billion pounds, but the form that spending will take reveals another logic or worldview which may come to the fore as crises mount.
The word “securonomics”, an ugly portmanteau favoured by shadow chancellor Rachel Reeves, makes an appearance in the manifesto, introducing the idea that public investment should support and de-risk private investment in strategically key sectors. The chief vehicle for this will be a National Wealth Fund “capitalised with £7.3 billion over the course of the next parliament”. What precisely this will look like has yet to be determined, but The National Wealth Fund “will have a target of attracting three pounds of private investment for every one pound of public investment”. This is an explicit return to and acceleration of the kind of public-private partnerships that lost legitimacy in the UK during the fallout from the disastrous Public Finance Initiative under New Labour.
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Recommended article at https://www.rosalux.de/en/news/id/52233/labours-otherworldly-manifesto