about it. and anyone who can expect an incoming labour government to quickly turn on the spending tops will be disappointed. inflation, debt, taxes are now huge constraints. we will make different choices, on the non—dom tax choices. invest it in high quality teaching and our children's mental health. but at the same time, we will be ruthless when it comes to spending every pound wisely. i run a public service in the days of austerity. i know how hard it can be, but i also know how hard it can be, but i also know you can always find ways to improve delivery. change your practice. your behaviour. reform your approach. when times are to have, like they are now, that is the least that people expect. put it like this. there some people in this country right now wake up in the morning and no everyday will bring a fight for every penny. just like the last day. my sister is one of them. i will say to her, let's go to the pub for lunch. and she will say straightaway, al make sandwiches. so i've said to every member of my shadow cabinet, when they are drawing up their plans but our manifesto, think carefully. about how precious every pound is for the people that we must serve. hold them in your minds eye. and approach the public finances, spending decisions like it is their money. because at the end of the day it is. but, look, this is a council of realism, not despair. the uk has huge assets, flexible product and finance markets, a highly educated population, world—class universities, this city and economic giant, global economy that is hungry for the services in sectors where britain excels, life sciences, the creative industries, technology, clean energy, financial services. advertising. then there is the potential for the places that have been ignored, passed over, disregarded as a source of growth and dynamism. a potential that i believe is routinely underestimated. and so with echo one as our guide, there steps we can take that will get british growth moving —— with securonomics. we can get britain building again, we are the only country in the g7 wetland and development per head has decreased in the past century. the dream of homeownership ever more distant, working people shelling out more of their income to chase it. let security and opportunity. so, yes, we must bulldoze through the restrictive planning laws, we must remove the blockages that choke the supply side of our economy, stop us building the warehouses, train lines, great connection, wind farms, laboratories and homes our country needs. —— start building. we can back british business with political stability and certainty. with a competitive tax regime, we have shown our determination on that front. i knew direction on skills, reform of the apprenticeship levy to give business more flexibility and incentivise investment. technical excellence colleges. specialising in the high—growth, high shortage skills that we need. but above all with that new partnership a proper industrial strategy, drawn up with business, and a national wealth fund that can deal risk and crowd in major private investment, because we believe that is ourjob. not to shower taxpayers' cash on favoured companies, picking winners, this isn't the old dogma. but in this global economy, it is negligent not to take a view on which sectors can compete and even more negligent not to use the power of government to back them properly. this is mission—critical. because we will never arrest our decline unless we become a high investment nation. finally, three, we can make work pgy- finally, three, we can make work pay. even now, in the face of the ample evidence on the good work provided by this inquiry, some people still see flexibility in our labour market is one—sided. the growth comes not from the labour market that asked, how can we make workers more productive? but from driving down wages, rights and conditions. mark my words. we will consign that argument to history. and i say this to business as well. this is a labour party more committed to working with private enterprise than ever before. but a partnership must have a purpose. and a return to private enterprise must be better shared. your country needs higher investment. your workers need a fairer return. and both will be good for your productivity. so we will broker a new deal. with increased mental health support, a fully funded plan to cut nhs waiting lists, and edited zero—hours contracts, no more fire and rehire, and build new act to stamp out racial injustice and a real living wage. so reforming our labour market, reforming the institutions that drive business investment, reforming planning and infrastructure delivery. three significant steps we can pay quickly, three significant departures from the current british growth model. and all three laser focused on clear challenges for our productivity. and three clear divides on growth that will shape the general election... sorry, i do have to mention it, because it is a big election. tory decline has been a disaster for the big election. tory decline has been a disasterfor the british people. labour will offer a new deal for the public, stronger growth, rising incomes, creating the wealth we need to fund other public services. that is the direction we need. that is my ambition for britain. a chance to turn the page on a miserable chapter of decline. and with a new economic plan, with a new determination, with growth that will deliver the security working people need, we will walk down the hard road towards national renewal. a britain tilting again, growing again, believing again. that we all get our future back —— building again. thank you very much. applause sir keir starmer speaking at the resolution foundation, he will take some questions which we will stay for here on bbc news. he is being interviewed on stage now, let's take a listen. ., ., ., , a listen. you have said raising productivity — a listen. you have said raising productivity will _ a listen. you have said raising productivity will be _ a listen. you have said raising productivity will be an - a listen. you have said raising i productivity will be an obsession for a _ productivity will be an obsession for a labour government, the defining — for a labour government, the defining purpose of the next labour government, which is music to es of this room _ government, which is music to e5 of this room. �* , , ., ., this room. and very unusual for the labour party! _ this room. and very unusual for the labour party! let's _ this room. and very unusual for the labour party! let's figure _ this room. and very unusual for the labour party! let's figure out - this room. and very unusual for the labour party! let's figure out how l labour party! let's figure out how ou will labour party! let's figure out how you will make _ labour party! let's figure out how you will make this _ labour party! let's figure out how you will make this work, - labour party! let's figure out how you will make this work, starting l you will make this work, starting with investment. it is very clear from _ with investment. it is very clear from this— with investment. it is very clear from this report and from all the work_ from this report and from all the work windows and productivity that investment is key. let's start with public— investment is key. let's start with public investment. you describe the governmentas sticking plaster economics. 0n public investment. what _ economics. 0n public investment. what is _ economics. 0n public investment. what is your approach? as i understand it, september 2021 the shadow_ understand it, september 2021 the shadow chancellor promised an additional 28 billion of capital investment each year, that was your flagship _ investment each year, that was your flagship policy, this year he repeated it but without the word additional. it wasn't really measured at the party conference and unless— measured at the party conference and unless i_ measured at the party conference and unless i missed it you literally didn'l— unless i missed it you literally didn't mention that number today. what _ didn't mention that number today. what has — didn't mention that number today. what has happened to the 28 billion, are you _ what has happened to the 28 billion, are you still committed to increasing public capital investment and will_ increasing public capital investment and will you hit it within the next parliament? | and will you hit it within the next parliament?— and will you hit it within the next parliament? ., , , ., ., parliament? i will not shy away from the challenge _ parliament? i will not shy away from the challenge when _ parliament? i will not shy away from the challenge when it _ parliament? i will not shy away from the challenge when it comes - parliament? i will not shy away from the challenge when it comes to - the challenge when it comes to investment, we need to create the conditions for both public and private investment, that goes by the 20 billion as well, i will come directly to your question. what we want to do is have investment that triggers a rachel reeves has set this out, a three to one ratio where public investment triggering private investment by a ratio of three to one, that hasn't happened for a long time. we haven't created the conditions for it. the conditions for it, i have spoken don't know to how many businesses about this, a conversation that is always along the same lines that says we have got the same lines that says we have got the money to invest but we are not investing now because there is too much chopping and changing, no strategy on long—term thinking. we have to set those conditions, remove the barriers, that is why a talk about planning, and industrial council stunned under 28 billion, the first thing to be clear on, what is the purpose of the money? i intend to have a mission driven government with only five missions, the main mission is growth, economic growth, as i've set out. the other missions, clean power, laddering up to that mission, 28 billion, ramping up to that mission, 28 billion, ramping up to that in the second half of the parliament, and it will be used to trigger that other investment from the private sector, and we will ramp up, not a question of the investment not starting until the middle of the neck parliament, it will be ramped up neck parliament, it will be ramped up to that point. it is subject to our fiscal rules but i am confident that we turbo—charge the growth we need, we will be able to achieve the investment we need within the fiscal rules. if investment we need within the fiscal rules. , ., �* investment we need within the fiscal rules. i. �* ., , , rules. if you're ramping up in the second parliament, _ rules. if you're ramping up in the second parliament, that - rules. if you're ramping up in thej second parliament, that probably means you're overseeing a net decline in public investment for much of your tenure. we decline in public investment for much of your tenure.— decline in public investment for much of your tenure. we will be ramin: much of your tenure. we will be ramping up _ much of your tenure. we will be ramping up at--- _ much of your tenure. we will be ramping up at... but _ much of your tenure. we will be ramping up at. .. but will- much of your tenure. we will be ramping up at... but will you i much of your tenure. we will be ramping up at... but will you be overseeing _ ramping up at... but will you be overseeing a — ramping up at... but will you be overseeing a decline _ ramping up at... but will you be overseeing a decline at - ramping up at... but will you be overseeing a decline at the - overseeing a decline at the beginning?— overseeing a decline at the bearinnin ? , beginning? the figures we will inherit a pretty _ beginning? the figures we will inherit a pretty awful, - beginning? the figures we will inherit a pretty awful, but... l beginning? the figures we will. inherit a pretty awful, but... but can decide. _ inherit a pretty awful, but... but can decide, we _ inherit a pretty awful, but... but can decide, we need to invest in public investment, it is essential, and therefore we will borrow to invest but you are saying you will not do that? we invest but you are saying you will rrot do that?— not do that? we will borrow to invest subjective _ not do that? we will borrow to invest subjective fiscal - not do that? we will borrow to invest subjective fiscal rules, | not do that? we will borrow to i invest subjective fiscal rules, that is what the money the second half of the parliament is all about. but i do think it is a mistake to think thatis do think it is a mistake to think that is all you need to do to trigger growth, because if we don't create the conditions of stability, we won't be able to trigger growth. when i talk to investors, they tell me the biggest problem is planning laws, regulations. in the energy sector they say within the first few sentences in the graders to slow. i've had a conversation seared in my memory about wind turbines, had a conversation with a ceo of an energy company, how quickly can a wind turbine be built, the answer was to years, i said good, they said, 13 years, i said good, they said, 13 years before you get energy out of it because i will lose five years to planning and even when i get there, i blucerchiati upon a great cross towards me. i accept the challenge and investment, i do not accept that is the only question we are confronting because we can change planning without money, we can change the approach to the grade without money, we can look at the regulators without money. we can reform our public services without money. i ran a public service, you tend to get a better product with many other top, but you do have to reform it, so sometimes all of us get into this habit of thinking the lever that is spent, investment is the only lever that can be pulled. i don't accept that. i think there are other leaders that need to be pulled. i can honestly say with most businesses i speak to, the question of how much you are investing is way down the line compared with, are you prepared to take the tough decision to create the conditions in which we can come up alongside you and show your ambition? can come up alongside you and show yourambition? i can come up alongside you and show your ambition?— can come up alongside you and show your ambition? i am sure most people in this room — your ambition? i am sure most people in this room would _ your ambition? i am sure most people in this room would agree, _ your ambition? i am sure most people in this room would agree, and - in this room would agree, and frankly the chancellor said something very similar this morning, he was talking about planning reform, growth enhancing things he had in his autumn statement. you have scaled back your public investment, you want to make it affordable, you're focusing on planning reform, all of these other things which are also in the toys' plans, what are the big differences now between what you are proposing at what they are proposing in order to enhance growth? the at what they are proposing in order to enhance growth?— to enhance growth? the first thing i'd sa is to enhance growth? the first thing i'd say is they _ to enhance growth? the first thing i'd say is they have _ to enhance growth? the first thing i'd say is they have had _ to enhance growth? the first thing i'd say is they have had 13 - to enhance growth? the first thing i'd say is they have had 13 years i to enhance growth? the first thing i'd say is they have had 13 years to j i'd say is they have had 13 years to do this... we are in this... the defining feature of the last 30 years has been stagnant growth. the root cause of all the problems we have. they come along 13 years down the line and say, we now will do the things we could have done 13 years ago, it lacks a certain plausibility. when it comes to planning, it was this government that in 2015 put the kibosh on onshore wind farm deliberately, that was their strategy. this government took down the targets for house—building, meaning very few houses being built, everyone knows that. the prime minister knows that. what we have got is a strategy, and mission led government, clarity about what we're trying to achieve. we are creating the partnership we will need with business. the fact we have been much more business is much discussed. across the media and
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