Tribune Group of Labour MPs publish new report setting out vision for economic renewal
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Leading members of the Tribune Group - which represents over 100
MPs on the centre-left of the Party - have published a collection
which sets out an economic vision for the next three years of the
Labour Government. The collection, to be published in Renewal
journal [Tuesday 12 May at 08.00am], brings together contributions
from a wide range of Labour MPs, with leading contributions and an
introduction from Louise Haigh MP and Yuan Yang MP setting out an
overarching...Request free trial
Leading members of the Tribune Group - which represents over 100 MPs on the centre-left of the Party - have published a collection which sets out an economic vision for the next three years of the Labour Government. The collection, to be published in Renewal journal [Tuesday 12 May at 08.00am], brings together contributions from a wide range of Labour MPs, with leading contributions and an introduction from Louise Haigh MP and Yuan Yang MP setting out an overarching framework for economic renewal. In their joint introduction, Haigh and Yang argue that “Britain's economic settlement is no longer delivering what it once promised”, warning that growth has been “too weak, too uneven, and too often driven by asset inflation rather than productive investment.” They argue that “incremental change within the existing framework is unlikely to be enough” and call for a clearer “theory of economic change” that aligns growth, fairness and credibility. In their respective contributions, the authors make the case for:
They also argue for a more “productive state” that actively shapes markets, stabilises prices and expands supply-side capacity, rather than relying on short-term demand management alone. Crucially, Haigh and Yang state that the low-cost borrowing solutions of the 2010s are no longer available to us - so we must think more deeply about how to crowd-in investment in order to raise living standards.
Commenting on the day of publication, Rt Hon Louise Haigh MP said: “Britain's economic model is no longer working for our country or its people. Growth has been too weak, too uneven, and too often driven by asset inflation rather than productive investment. We cannot fix that with incremental change; we need to rethink how our economic institutions work and what they are designed to deliver.
"That means reforming the institutional framework so it supports long-term investment rather than short-term constraint, and reshaping institutions like the Treasury that are currently not set up to drive growth. It also means being honest about today's constraints, including higher borrowing costs, and focusing much more seriously on how we crowd in investment across the economy.
"It also requires a fairer and more effective tax system - one that rewards work, supports productive investment, and helps rebuild the link between contribution and economic outcomes.
“If we are serious about renewal, we need to better align fiscal credibility with long-term growth, and ensure the state is equipped to support a more productive, resilient economy.” Yuan Yang, Labour MP for Earley and Woodley and Secretary of the Tribune Group of Labour MPs said: “The cost of living crisis and our low growth are two symptoms of the same problem: an economic structure that hasn't been working for a long time. Families are facing stagnant incomes and persistently high costs, and fiscal subsidies alone will not solve that.
“We need to take on the root causes of those costs - from reforming energy pricing, to tackling housing, transport and food prices - while building a more active state that can stabilise prices and support investment. Strengthening household resilience is essential not just for fairness, but for growth, because an economy where people feel secure is one in which they can be productive.” The contributions argue that the UK's current economic model has been characterised by prolonged underinvestment and institutional short-termism, with policy too often prioritising near-term fiscal targets over long-term growth. Furthermore, they will say that although fiscal transfers should be made in the near future, in the medium term our economy requires structural reforms in order to permanently bring down prices. Yang's contributions emphasise that weak household demand, driven by stagnant incomes and rising costs, is now a central constraint on growth, and that “fiscal subsidies alone will not work: we need to improve the supply side.” In response to the energy price shock, the authors will urge the Government to put the economy on a ‘war-footing'. This includes combining immediate cost-of-living support with reforms to energy, housing, transport and other core markets in order to reduce prices structurally over the medium term. Haigh argues that the current structure of the Treasury embeds a bias towards short-term decision-making, with its dual role in fiscal control and growth consistently resolved in favour of caution. They make the case for separating these functions, including creating a dedicated economic development capability and strengthening the centre of government, so that long-term investment and growth strategy can be coordinated more effectively across Whitehall. They further warn that the UK's fiscal and institutional framework is “unfit for purpose” in an era that requires sustained, long-term investment. In particular, they highlight how short forecast horizons and rigid fiscal targets have systematically undervalued preventative and supply-side investment, arguing for reforms such as longer-term fiscal planning, stronger protection for capital investment, and institutions better aligned with economic renewal. The contributions also emphasise the need for credible fiscal consolidation over time, including maintaining a path to a balanced current budget, while avoiding the short-term cuts to investment that have undermined growth in the past. They argue that restoring fiscal credibility must go hand-in-hand with reforms that strengthen the UK's long-term growth prospects, rather than relying on near-term restraint alone. Other contributions in the collection include:
Together, these contributions reflect a broad agenda for economic renewal, spanning growth, fairness, and regional development across the UK. On Thursday 14 May, Yang will speak at a Resolution Foundation event** where she will discuss the proposals in more detail. -ENDS- Supportive quotes from leading think tanks in British politics Alfie Stirling, Director of Insight and Policy at the Joseph Rowntree Foundation, said: “These essays reflect a common feeling across the country: that this economy isn't working. It's the feeling of getting a small pay increase, only to find it's wiped out by rising costs. The feeling of weighing up what to put back on the shelf before reaching the checkout. The feeling of receiving a landlord's email telling you they're putting up the rent. There's a tangible sense that our economic model is now consistently failing to both reward people for what they put in, and failing to set a fair price for what people need to get out. “If the government is serious about tackling poverty and the cost-of-living crisis, it needs to think about the economy in a more joined up way. A key theme from these essays is that government action on the cost of living isn't just about supporting people now, it's also part of a longer-term path to a stronger economy itself. It's a welcome contribution to some much-needed bigger thinking about structural reform.” David Lawrence, co-founder of the Centre for British Progress: "This is an impressive collection of essays that brings together several excellent ideas, including many that we have pushed for at the Centre for British Progress. The Government should take it seriously. UK tax reform is long overdue: we must move towards taxation of property over income, remove income tax cliff edges, and get rid of stamp duty. We should give local authorities new powers to raise funding and build, including through Special Economic Zones. We welcome the ambition of regulatory flexibility to encourage building, drawing on the Fingleton Nuclear Review, and are pleased to see such a high emphasis placed on housing and community-led development."
Praful Nargund, Director of the Good
Growth Foundation said: Mathew Lawrence, Founder and Director of Common Wealth “The public could not be clearer. They want deep change to make life affordable and rebuild pride and prosperity in their communities. We have real strengths. But fixing our broken economy requires a deeper reckoning with what has gone wrong: a dysfunctional supply side, widespread rent extraction, and privatised ownership of essentials. The Tribune Group's collection is exactly that type of thinking: ambitious, at scale, capable of delivering a better life for all. It is a vital contribution. The task now is to translate this agenda into a programme for rebuilding Britain.” Notes to Editors The collection is published in the Renewal journal. https://renewal.org.uk The Tribune Group of MPs aims to be a constructive caucus that communicates our ideas boldly and clearly, has credibility within the Labour Party, and advances progressive, practical ideas for Government. The Tribune Group is the largest caucus in the current Parliamentary Labour Party, with more than 130 members and associate members (Members of the House of Lords) and has repeatedly held the balance of power throughout the first Parliamentary session. Founded sixty years ago this year, the Tribune Group has been home to many notable Labour figures such as former Labour leader Neil Kinnock and current Prime Minister Keir Starmer. Clive Efford MP chaired the group from 2017 to 2025, when the Group moved to a committee-based model with a rotating chair. The current Executive Committee was elected at the last Annual General Meeting of the Group in November 2025. Its officers are: Debbie Abrahams, Beccy Cooper, Vicky Foxcroft, Louise Haigh, Justin Madders, Sarah Owen, and Yuan Yang. Additional notes:
*A majority of the world's population is already covered by such a tariff. https://neweconomics.org/2024/08/outside-europe-its-normal-to-protect-basic-energy-needs-so-why-dont-we **More details about the event can be found here: https://www.resolutionfoundation.org/events/second-half-comeback/ |