Rachel Reeves speech to the Anthropy conference

Speaking at Anthropy conference in Cornwall on Thursday 3 November, Labour’s Shadow Chancellor Rachel Reeves will speak about how a Labour government has the ambition to meet the scale of the challenges Britain faces, to help the country forge a fairer, greener future.

In her opening remarks to the keynote session “Political insight on the future of Britain”, Reeves is expected to highlight Labour’s Green Prosperity Plan, saying there is a global race on for the industries of the future which Britain has the talent and capacity to lead on.

Labour’s plans will be crucial for driving forward economic growth, and include insulating 19 million homes, setting up Great British Energy – a publicly owned energy company; and creating a National Wealth Fund to drive forward investment in major projects needed to tackle climate change.

These projects will include clean steel in Rotherham to Port Talbot; carbon capture and storage from Grangemouth to South Wales; and electric battery factories across the country including in the South West. The National Wealth Fund will build British industry while crucially giving the British people a stake in and a return from those long term investments.  

Expected to address interest rates decisions and economic outlook which will come out three hours before her speech, Reeves will point to the 12 years of Tory economic mismanagement and wasted opportunities that have led to this point, and will underline the party’s commitment to economic credibility and fiscal responsibility, as well as a respect for the independence of key economic institutions.

Speaking in Cornwall, Reeves will talk about Labour’s answer on growth through their Green Prosperity Plan, saying:

“There is a global race on for the industries of the future and we are falling behind. 

“We have the talent. We have the capacity. But we want the jobs here. We want the factories here. And we want British businesses to take the lead.

“So the next Labour government will invest with business to meet our climate commitments to achieve energy independence and so that businesses and working people in every part of Britain can enjoy the opportunities presented by our climate transition.

“The next Labour government will create a National Wealth Fund to drive that investment, so that all the British people enjoy the returns.

“Clean steel with jobs in Rotherham, Sheffield, Scunthorpe, Cardiff, and Port Talbot. Carbon capture and storage in our industrial heartlands, in Grangemouth and in South Wales, in Humber and in Teesside.

“Electric battery factories, in the West Midlands, the North East, the North West, and here in the South West. And clean electricity provided from one hundred percent renewable sources by 2030 tripling solar power in places like Cornwall and kickstarting floating offshore wind through GB Energy.

“I want to work with business, every day, to deliver on that promise. I am looking forward to working together, with all of you to build that fairer, greener, more dynamic Britain.”

Talking about the interest rate decisions at 12pm on Thursday; Reeves is expected to say:

“Britain’s unique exposure to economic shocks has been down to a failure to get to grips with more than a decade of weak growth, low productivity and underinvestment and widening inequality.

“Rising interest rates will mean families with already stretched budgets will be hit by higher mortgage payments.

“It will mean higher financing costs for businesses.

“For many firms who have had a tough couple of years this will mean desperately difficult decisions about whether to carry on.

“And it will mean profound implications for growth as demand is sucked out of the economy and even those firms who are keeping their head above water face difficult decisions about whether to invest or expand.

“The past two months have underlined the importance of strong institutions and robust fiscal rules the very foundations of economic stability.

“So be in no doubt: Labour will not interfere with the Bank of England’s operational independence. Labour will respect the role played by the OBR and by our independent civil service.

“And Labour will ensure every policy we announce – and every line in our next manifesto – is fully costed and fully funded.”

And speaking about Britain’s economy being uniquely exposed to crises, Reeves will say:

“As a country, we have become not only more unequal but also poorer.

“The problems we face are global. But Britain’s unique exposure each time has been down to a failure to get to grips with more than a decade of weak growth, low productivity and underinvestment and widening inequality.

“I believe we can overcome these challenges and grasp the opportunities presented by new technologies, and by the climate transition.

“But it will not be easy. If we are to overcome that, we need a new spirit of partnership between government and business.”

Ends

Notes

• The Anthropy conference at the Eden Project in Cornwall is a unique event bringing together business leaders to those driving cutting-edge technology, from third sector organisations unpacking what community means post-Covid, to those shaping how sport and culture can support future generations, to discuss the vast potential that Britain has to offer.

• The conference will discuss what quality of life people in Britain want for the next 30 years, the role of people and planet, building an economy that works for businesses and public sector organisations and how Britain plays its role on the global stage, especially on climate.

• Labour’s Shadow Chancellor Rachel Reeves will be giving the key note speech for the “Political insight on the future of Britain” session, at 3pm.