I’ve been looking at Labour’s manifesto, and am surprised that I actually think it is more radical than I thought it would be.
One if the areas is the notion of a national wealth fund, which will set up to fund government led investment in various infrastructure led projects, such as new technologies e.g. hydrogen, new ports, large infrastructure projects etc. So this state led approach in investment is further than the Blair government went. The idea is that private investment will be attracted inwards as these projects get off the ground.
The U.K. has, over the past few years really struggled to attract private investment, particularly since Brexit.
The other entirely new state led project is the Great British Energy investment vehicle to be set up by the government in order to invest in renewable energy. Once again this will attract private investment, but setting up of GBE recognises the governments major roll in this transition to green energy.
Both these areas will feed directly into the idea of state-led growth, higher productivity, wages and skills alongside state led planning initiative. None of which is being supplied by the private sector.