The Guardian’s budget view: What the Labor chancellor really has to say | Editorial

the The budget is a month away. hereIn condensed form, it is the speech that the advisor must deliver:

Mr Speaker, this budget starts from the principle that a Labor government will balance the economy, not just the books. The reality is that when demand falters and investment dries up, government must step in: to keep people in jobs, rebuild living standards, and lay the foundations for future growth.

Financial responsibility is important. But responsibility does not mean retreat. When speculation exceeds production and wealth grows without work, justice must be restored. That’s why we’ll charge a modest amount Cost On financial deals that enrich the few but not the many.

Only Labor can repair the damage done by the Conservatives. Our mission is to renew the nation – to engage with the European Union, not rejoin it. Public investment is not a drain on the present, but rather a foundation for the future – benefiting stronger communities, achieving greater self-reliance, and increasing productivity. So, today we are launching the National Reconstruction Plan, investing 1% of GDP each year in sustainable energy, green transport and advanced manufacturing – industries that will underpin Britain’s recovery.

This will be introduced within our new balance sheet base: General net worth (The value of our assets minus our liabilities) should rise over the course of the economic cycle. Every pound we invest in British industry will strengthen, not weaken, the country’s finances.

I would like to thank the Governor of the Bank of England and the Monetary Policy Committee for the work they have done. But independence should never mean isolation. So today we are establishing a new bank ConcordatEnsure that the pace of quantitative tightening and debt issuance is in the public interest. If the economy is performing below its potential, the bank present The duty to support the government’s economic policy will stand alongside its duty to maintain price stability. This is not politicking, but rather a partnership in serving the public good.

Mr. President, technology can support growth. But she cannot give it a purpose of her own. Productivity comes from stable demand, investment and decent work. So we’re going to try a regional job guarantee, Submit jobs For everyone with a living wage in green projects and local care projects – rebuilding communities, securing income and stabilizing through full employment. In a volatile world, Britain cannot build its future on imported growth. Our new public investment agency will return to its local status industry And projects so that the value and jobs stay here, not abroad.

And to those chanting “borrow too much,” I say this: We paid billions to the banks for the money we created during QE. This waste ends today. The bank will adopt a tiered reserve system. Save the taxpayers 20 billion pounds annually. This will help end austerity and fund public services. And yes, we will tax the banks. Those who profit most must help rebuild the nation on which they depend. This is sound finance: supporting productivity, not balance sheets.

Mr. President, every pound of daily spending in this budget is fully funded. We will not raise income tax, National Insurance or VAT. Promises madePromises were kept.

This budget puts an end to the failed doctrine present on the opposition benches. We will invest where markets fail and revitalize areas left behind. Conservatives say Britain has spent too much. The truth: They invested too little, too late, and in too few of our people. Labor ends this failure today. I commend this statement to the House of Representatives.