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Thu, 24 September 2020

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Angela Rayner: Labour's economic strategy is sh*t or bust

Angela Rayner: Labour's economic strategy is sh*t or bust

Emilio Casalicchio

2 min read

Top Labour MP Angela Rayner has said the party has adopted a “sh*t or bust” economic strategy because it has the “gumption to take a risk”.

In a surprising admission the Shadow Education Secretary accepted the fiscal plan for Britain offered by Labour at the general election could be hazardous.

The Labour manifesto promised £500bn of spending on infrastructure and more funding for public services funded in part by a hike in corporation tax.

It also promised a £10 minimum wage and the nationalisation of some utilities as well as rail franchises.

In an interview with the Spectator Ms Rayner said: “We are in different times, radical times where we need to have a real investment in Britain’s future.

“Genuinely. I don’t mean that as a slogan, I mean it as an economic strategy.”

She added: “It is a bit of a shit-or-bust strategy, I get that. It’s a high-risk strategy.

“But all of Britain’s great advancements in the past have been because we’ve had the gumption to take a risk.”

First Secretary to the Treasury Liz Truss blasted: “Labour have admitted their economic policies are a high risk gamble which could see the country go bust.

“Labour’s reckless plans would put people’s jobs, livelihoods and funding for our public services all at risk.

“Once again, it’s working people who would pay the price of Labour with more debt, higher taxes and fewer jobs.”

But a Labour spokesperson said: "Angela was saying that we have a once in a generation opportunity, with historically low interest rates, to invest in our infrastructure, new technologies and our people, underpinned by our Fiscal Credibility Rule - and that we must take it. 

"She was also making the point that Labour has been more transparent about our economic plans than any opposition in history.

"We published a fully costed manifesto unlike the Tory manifesto, where the only figures were the page numbers.

"They have continued this practice since the election, for example their £1bn bribe to the DUP came with no explanation of how they would fund it."

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