Why growth might not be enough for Labour
As covered in @stephenkb.bsky.social @financialtimes.com newsletter – as the Government bets on growth, a majority of the public aren't convinced economic growth benefits people like them, majorities of Reform/Green voters think growth will make no difference to them. www.ft.com/content/e2f6…
— Luke Tryl (@luketryl.bsky.social) 2025-02-11T12:03:11.871Z
Growth pessimism links to financial security. 57 percent of those who describe themselves as “very financially comfortable” believe that economic growth is good for them, compared to only 26 percent who say that they “struggle to make ends meet” or cannot afford their costs.
— Luke Tryl (@luketryl.bsky.social) 2025-02-11T12:03:11.872Z
Part of it also seems to be the public, don't think growth will be fairly distributed – and overall two thirds of the public want to see evenly distributed growth, rather than the highest possible growth if it benefits London and the South East more.
— Luke Tryl (@luketryl.bsky.social) 2025-02-11T12:03:11.873Z
So the task for the Government on something like the Oxford-Cambridge corridor or Heathrow expansion has to be in explaining how the investment it will bring will benefits the rest of the UK, rather than further concentrating opportunity.
— Luke Tryl (@luketryl.bsky.social) 2025-02-11T12:03:11.874Z
ou can see another example when you ask public about non-dom rules. There's a strong body of polling pre-post election to show that the public are much more likely to support than oppose removing non-dom tax breaks.
— Luke Tryl (@luketryl.bsky.social) 2025-02-11T12:03:11.875Z
But arguably more interesting in context of reports of wealth flight from the UK – asked a follow up question on whether or not they support making all residents pay tax in the UK – even if it leads to lower tax revenue overall. Equality is prioritised over revenue.
— Luke Tryl (@luketryl.bsky.social) 2025-02-11T12:03:11.876Z
As Stephen says, in part this shows the danger of defaulting to expediency rather than principle. But also i think shows growth advocates need to do a better job of showing the benefits – whereas legacy of Thatcher-Blair has been to convince people growth only has few winners.
— Luke Tryl (@luketryl.bsky.social) 2025-02-11T12:03:11.877Z
Stephen's full newsletter and relationship with Tory struggles to find identity too worth reading as always! www.ft.com/content/e2f6…
— Luke Tryl (@luketryl.bsky.social) 2025-02-11T12:03:11.878Z
Who’d be a politician? You could deliver record breaking growth but the electorate decides it is the wrong type of growth.
TSE