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Labour to drag Britain back to 1970s as unions to be given power to ‘hold UK to ransom’

Rachel Reeves used her keynote address to unveil a new National Economic Council, a policy last seen in the 1970s.

Addressing the Labour Party Conference in Liverpool, the Shadow Chancellor said she would be introducing a National Economic Council. This would see trade unions and industry leaders help to form policy. A similar policy was influential in Britain in the 1970s, known as the National Economic Development Council, set up to bring together trade unions and government.

Reeves

. (Image: GETTY)

In her address to the party conference, the Shadow Chancellor also said Labour would introduce a National Wealth Fund to invest in green projects which will benefit the public.

She also said that the party would raise the minimum wage, saying it would introduce “a minimum wage that reflects the real cost of living”.

This, she said, would be a “genuine living wage”.

The Shadow Chancellor also said the party would introduce a National Wealth Fund to invest in green projects which will benefit the public.

Ms Reeves criticised the Conservative Party for their latest economic policies, saying: “On Friday, the Chancellor had an opportunity to set out a serious response to the cost-of-living crisis. And he failed.

“What did we get instead? A tax cut for the wealthiest one percent. Increased bankers’ bonuses.

“And more than £50 billion piled onto the national debt every single year, because of their reckless decision to put all the costs onto borrowing.

“They didn’t just break their own fiscal rules for the tenth time in twelve years. In one go, they borrowed more than in any budget since 1972, with inflation already high, and interest rates already rising.”

She added: “I dare any tory MP to tell a nurse or care worker to their face that what this country needs is bigger bonuses for bankers.”

This, she said, would be a “genuine living wage”.

The Shadow Chancellor also said the party would introduce a National Wealth Fund to invest in green projects which will benefit the public.

Ms Reeves criticised the Conservative Party for their latest economic policies, saying: “On Friday, the Chancellor had an opportunity to set out a serious response to the cost-of-living crisis. And he failed.

“What did we get instead? A tax cut for the wealthiest one percent. Increased bankers’ bonuses.

Rachel Reeves

Rachel Reeves used her keynote address to unveil a new National Economic Council (Image: Getty)

In an attempt to reassure voters of Labour’s competence in Government, Ms Reeves promised “economic responsibility & social justice”.

She said: “Labour will not waver in our commitment to fiscal responsibility.

“Every policy & every line in our manifesto will be carefully costed & fully funded.”

But the latest policies were criticised by the Adam Smith Institute, a think tank which promotes free market economics.

Rachel Reeves and Keir Starmer

The Shadow Chancellor also said the party would introduce a National Wealth Fund (Image: Getty)

Morgan Schondelmeier, the organisation’s director of operations, accused the party of “virtue signalling”.

He told Express.co.uk: “At a time when unions are causing devastating disruptions for working people across the country, it’s astounding that Rachel Reeves would propose giving them even more power to hold us to ransom.

“While the cost of living crisis is hitting us all hard and unions exist to demand better for their workers, bringing them closer to Government will not deliver for taxpayers.

“Labour are only planning on reversing one incredibly small part of the Tory’s tax plan: the removal of a top rate of tax that didn’t even exist under Labour’s most successful Prime Minister.

“Instead of offering critical and considered alternatives to government policy, they’re content to continue virtue signalling to their base while keeping to a vast majority of their opponent’s policies.”

Meanwhile, John O’Connell, chief executive of the TaxPayers’ Alliance, added: “Continuing to tap up top-rate taxpayers would do little to help hardpressed Brits bounce back from a cost of living crisis.

“With public finances in the red, now is the time to let aspirational earners keep more of their own cash and invest back into the economy.

“If the shadow chancellor wants to go for growth, she should fully embrace income tax cuts and set sights on the cost of government.”

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