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== Download PDF ==
Download more information about our plan for alternative models of ownership or alternatively you can view on screen.
<pdf width="800" height="400">File:Alternative-Models-of-Ownership.pdf</pdf>
= Labour's Industrial Strategy =
For decades, policy-makers have assumed that the best way to secure a successful economy is to leave the market to its own devices. This approach helped lead to periods of growth, most notably in the early 2000s. But it has also allowed long-term economic problems to accumulate. Inequality has ballooned as the economy has shifted towards low-paid, insecure jobs. A decline in Britain’s manufacturing base and our over-reliance on the financial sector, centred around London and the South-East, have created vast regional and sectoral imbalances. While the South-East struggles with a rising cost of living crisis, post-industrial northern and coastal towns have seen their economies and communities held back. We have also seen the current account, productivity growth, wage growth and investment all deteriorate, while Britain’s spending on research and development is more than a quarter below the OECD average.
== Download PDF ==
Download our report on Labour's Industrial Strategy or alternatively you can view on screen.
<pdf width="800" height="400">File:Richer-Britain-Richer-Lives-Labours-Industrial-Strategy.pdf</pdf>
= A National Investment Bank for Britain =
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In July 2016, John McDonnell MP, Shadow Chancellor of the Exchequer, announced Labour’s support for a National Investment Bank (NIB) and network of regional development banks (RDBs) as part of Labour’s pledge to rebuild and transform Britain. The NIB and RDBs form part of Labour's promise to mobilise £500bn of investment over ten years to redress many of the structural problems in the British economy, a figure which includes both public sector and private sector financing. The existing financial system has proven inadequate for the purposes of much of the UK economy: in addition to widespread criticisms of short-termism and a failure to invest in the economy for the long term with investment disappointing by international comparisons, wide disparities have emerged between our regions and nations.
The idea of a National Investment Bank is not a new one, nor one without international precedents. Different forms of state-backed banks already exist in many countries and sub-regions, including Germany, Canada and North Dakota, and a British counterpart should be able to learn from best practice elsewhere in the world.
It should be noted that the NIB and RDBs are not designed to be an alternative to public spending commitments through normal department spending limits, whether on revenue or capital accounts. The July 2016 speech by John McDonnell referred to a programme of public capital expenditure, averaging £25bn per year over ten years, as part of what is needed to address the shortfall in infrastructure spending, and the £250bn lending target of the NIB and RDBs is in addition to this.</div>
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Since then it should be noted that the incoming Chancellor of the Exchequer, Philip Hammond MP, has implicitly conceded the need for greater public investment, while refusing to take it seriously, with a token increase in capital expenditure of £27 billion over the next five years.
The aims of this working group are to consider some of the important questions about the implementation of the National Investment Bank: how it relates to our industrial strategy, how it is funded and structured, what should be its aims and structures, and how Labour should go about its implementation.
The contents of the report are the conclusions of the group overall, not always unanimous, and so
should not be taken to represent the views of any single member of the working group.</div>
== Download PDF ==
Download more information on our plan for a National Investment Bank for Britain or alternatively you can view on screen.
<pdf width="800" height="400">File:Richer-Britain-Richer-Lives-Labours-Industrial-Strategy.pdf</pdf>
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