Sir Keir Starmer, who will speak on Monday, will warn that the UK will be less prosperous than other parts of Eastern Europe at the end of this decade if it fails to address the growth crisis.
Labour leader Will use London’s Financial District to warn the UK that it is “falling behind” and risk a “brain-drain” to Lyon, Munich, Warsaw as young people have “no choice but to leave”.
The party has released a new analysis that shows the UK will be less wealthy per capita than Poland in 2030 and Hungary and Romania respectively by 2040.
Sir Keir will tell you: “The British people fall behind while our European neighbors get richer, both in the east and in countries like France or Germany. This is something I don’t like – I don’t want to see Britain be overtaken by Poland. “I’m not prepared to accept the consequences of this failure.”
If Labour wins the next election, Sir Keir will promise the highest sustained growth in G7 by the end a first term.
He will promise that families will be directly benefited by the boost and that they will feel better, have pride in their high streets, and receive better public services. He will declare that this is the only show in town to rescue Britain from the Tories’ “low wages, high taxes, doom-loop”.
Greg Hands, chairman of the Conservative Party, said that Labour was setting up a plan to take power with PS90billion of “unfunded expenditure”, putting at risk “endless borrowing” and “higher debt”.
Mr. Hands stated that “The last Labour government, there was no money, debt was spiralling and unemployment was high – something that the British people will never forget.”
Labour’s analysis from World Bank data revealed that the UK’s GDP per capita in 2021 was $44,979, compared to $34,915 in Poland and $33,593 for Hungary, and $30,777 for Romania.
The party stated that if growth continues at the same rate in real terms between 2010-2021, which was 0.5% for the UK, 3.6% for Poland, 3.6% for Hungary, and 3.8% for Romania, Britain will be worse off than its European counterparts over these two decades.
Before Sir Keir’s speech, a paper will be published outlining Labour’s plans for meeting its growth goals and measuring progress.
The nine-page document stated that the party would rebuild the economy from the bottom up and the middle out. It would be a strategic partner to the industry and provide “catalytic private investment to unlock private capital”.
Labour would improve the planning system and remove investment barriers. It would also give English cities the tools to create bespoke growth strategies. The document states that it would make Brexit work by closing the gaps in the government’s deal, and cutting red tape.
Sir Keir will tell voters that they can “judge” him on whether or not they feel better off after five consecutive years of Labour government. He will also argue that growth can be achieved if the planning system favors new buildings, wind farms, and laboratories over those who are already wealthy.