Labour and the economy

It shouldn`t be left to Gordon Brown to warn that the Covid generation "faces a no work, no hope future" (Star, 28/09/20). Admittedly Labour has issued a statement about the problems facing those working in the "unviable" sectors, and the shadow chancellor has written to Sunak on the issue, but two factors make it urgent and essential that Labour do much more. Labour`s handling of the economy is still apparently seen by the electorate as a problem, whilst, with Sunak being possibly the Tory leader in the next general election, Starmer`s team cannot afford to spurn any economic open goals. Having written to the chancellor pointing out the weaknesses and inconsistencies of his latest plan, Anneliese Dodds will no doubt be able to say "I told you so" when things go wrong, as they almost certainly will, but much more is needed from the Opposition . Although the letter contains reasonable points, particularly about the insufficient size of the package, the need for worker retraining, and the effects on those in the performing arts, unless she is supported by the party leadership on the matter, Dodds will indeed struggle to be heard, and the letter ignored. It might well be the wrong time to expose the ingredients of the next Labour manifesto, but now has the be an opportune moment to go on an all-out offensive on the government`s economic strategy. The attack, however, must contain details of what Labour would be doing instead. This means firstly making the point that the UK`s national debt, is not a record £2.024tn as most of the right-wing press claim: £735bn of the so-called debt is owned by the government via the Bank of England`s bonds under its quantitative easing programme. Labour needs to be arguing for more borrowing and more QE; other countries have managed for years with a debt-to-GDP ratio of over 100%, and the UK could do the same, despite what the Tories say! What is the point of worrying about how to pay back debt, when the future of the whole economy is at stake? Labour`s priority has to be the health of the people first, the truly patriotic thing to do, and then the economy and people`s jobs. If they think Sunak has got it wrong, shout it, loud and clear!