and provide a return for taxpayers.
While stability and greater investment will support growth, parts of our economy require substantial reform if we are to create the wealth our country needs.
Britain is hampered by a planning regime that means we struggle to build either the infrastructure or housing the country needs.
The country remains too centralised, with the economic potential of too many regions and communities ignored.
Our labour market fails to provide secure jobs and, as a result, for far too many people work does not pay.
The innovation, dynamism and sheer hard work of British business and workers has never been in question.
The next Labour government will partner with them to kickstart economic growth and rebuild Britain.
Our approach will be mission-driven and focused on the future.
We will work in partnership with industry to seize opportunities and remove barriers to growth.
Critically, we will end short-term economic policy making with the establishment of an Industrial Strategy Council, on a statutory footing, to provide expert advice.
Labour will take a sectoral approach and be clear-eyed about where the UK enjoys advantages over other countries.
Our approach will back what makes Britain great: our excellent research institutions, professional services, advanced manufacturing, and creative industries.
We will ensure a pro-business environment, with a competition and regulatory framework, that supports innovation, investment, and high-quality jobs.
Procurement and trade policy will also be aligned with our industrial strategy priorities.
Financial services are one of Britain’s greatest success stories.
Our other great British industries need certainty over the policies that will apply to them.
In opposition, Labour has worked with the automotive, life sciences, and creative sectors, on the approach we will take to policy.
In government, we will set out plans for these and other vital sectors of the economy.
Business has for too long been hampered by a government that does not work with it.
As a result, investment in the UK is too low.
To address this long-standing problem Labour will use every available lever.
Public investment, where it supports and de-risks additional private investment, is one important tool being used successfully across the world.
It can create good jobs across the country
and would mean British taxpayers can reap the benefits of economic growth.
To realise these opportunities Labour will establish a National Wealth Fund.
The fund will have a target of attracting three pounds of private investment for every one pound of public investment, creating jobs across the country.
£500 million to support the manufacturing of green hydrogen.
Labour will also act to increase investment from pension funds in UK markets.
and greater productive investment for UK PLC.
We will also undertake a review of the pensions landscape to consider what further steps are needed to improve pension outcomes
and increase investment in UK markets.
The business tax regime matters for investors.
It is not just the rates of tax that matter, but also certainty.
Under the Conservatives there has been constant chopping and changing – corporation tax has changed 26 times –
and multiple fiscal events have made drastic changes often at little notice.
Labour will stop the chaos, and turn the page with a strategic approach that gives certainty and allows long-term planning.
We are committed to one major fiscal event a year, giving families and businesses due warning of tax and spending policies.
and we will act if tax changes in other countries pose a risk to UK competitiveness.
The current business rates system disincentivises investment, creates uncertainty and places an undue burden on our high streets.
This new system will level the playing field between the high street and online giants, better incentivise investment, tackle empty properties
and support entrepreneurship.
Britain is grinding to a halt.
Rail cancellations are at record levels,
energy prices have risen faster here than in any other country in Western Europe,
and not a single reservoir has been built in the last 30 years.
This is not an accident.
Conservative chaos has seen major projects abandoned, decades-long delays, cost overruns, uncertainty for supply chains, and our infrastructure crumbling.
including improving rail connectivity across the north of England.
The strategy will guide investment plans and give the private sector certainty about the project pipeline.
We will work closely with business to map and address the delivery challenges we face.