Vested Interests

Years ago,(before one member one vote) at the time of the Kinnock Hattersley Labour leadership election, I argued at my unions mass meeting that union members should be having individual votes, and the left of British politics needed claim democracy and devolving power to individuals and away from vested interests.

Today, we have seen the vested interests act against the majority interest of the British people; the abuse of the media; abuse by the financial sector; lack of consumer protection.

The British economy is likely to be in recession, it is highly likely that the CONDEM government will borrow more than Labour, £158 billion more than Osbourne stated, youth unemployment over 20%, with unemployment rising and employment falling.

We have seen the banks unwilling to lend money to small to medium size businesses to invest to create wealth. This despite billions of pounds of tax payers money to refinance the banks and £275billion in quanative easing to put liquidity in the banking system.

The CONDEM governments belief that by slashing the public sector this would free up the private sector to grow, this has proved to be mistaken, this with the austerity programme has seen demand shrink in the country, we have seen some export growth but this is now beginning to show signs of weakening.

It is clear the current government has no plan to build a new economy, Labour has to develop a new economic and industrial policy.

Labour focus has to be on the generation of wealth for the many, a focus on changes to the tax system that rewards production and wealth creation and switch to taxing unproductive assets, a tax system that rewards research and development and training of staff.

A National Investment Bank that funds strategic business to create the new industries and innovation.

Government has to tackle rigged markets and create competitive markets where innovation can thrive.

The real challenge is to focus on the real economy, Labour must focus on jobs, wealth and the new economy, with a focus on an active and diverse market and to take on the vested interests that harms this agenda.