The Labour party won the last election by ‘de-risking’ a Labour vote on key economic policy agendas. At the heart of this was a strategy to regain Labour’s reputation for economic competence.
It sought to achieve this by making a number of ‘stability promises’: committing to the Conservatives’ fiscal rule which ensures that debt as a proportion of GDP is falling in the fifth year of a forecast period, and promising not to raise income tax, national insurance or VAT - as well as making promises to business on corporation tax.
At the same time the Labour Party won a mandate for change and has committed to delivering a ‘decade of national renewal’. These ‘change promises’ have been defined in Labour’s five missions as ambitious progress on economic growth and higher wages, decarbonisation, better health, more opportunity and lower crime. These speak to a desire across the public for politics to address the deep challenges that face our society.
