Labour Conference: major speeches roundup
A Beijing to Britain analysis
Hello,
The Labour Party Conference is currently underway. Widely expected to be their last in opposition, the gathering has seen a number of speeches from senior politicians. This briefing note sets out the key points made in a number of them relevant to those operating in the UK-China space.
A full analysis is provided at the end for our paying subscribers, along with a transcript of each speech quoted.
Shadow Foreign Secretary David Lammy
On the crossover between industrial and foreign policy
“Since I was last a minister, the world has become more dangerous. War on our continent, a climate emergency, dizzying technological change, rising powers and energy weaponised. In this new world, foreign policy has increasingly become industrial policy: Biden's Inflation Reduction Act, the EU and China's industrial strategies, are changing the balance of power. In only three years China has become the world's largest car exporter with over 280 Giga factories. The United States has over 30, Germany has nine and Britain - just one - is producing batteries so far. Delegates the Conservatives’ moth-eaten, laissez-faire economics has made Britain poorer.”
Criticising the Government’s approach
“No plan for industry. No plan to secure critical materials, no Net Zero - just zero. With Keir Starmer, green prosperity will finally enter the race. My Foreign Office will champion Keir’s five missions and Rachel Reeves’ “securonomics” on the world stage, delivering national economic and climate security through diplomacy, tackling the climate crisis, and creating good jobs.”
On cracking down on kleptocracy and corruption
“Britain must stop Putin's cronies laundering their dirty money in our capital. Dictators' stolen cash fuels crimes on our street and turns London's homes into the Bitcoins of kleptocrats. Labour will turn up the fight against kleptocracy. That's why today I'm announcing a new whistleblower scheme to reward those who expose stolen assets, sanctioned breaches and help to recover misappropriated funds. Under the Tories, Britain became the money laundering capital of the world. With Labour, Britain will be the anti-corruption capital of the world.”
On Labour’s plan for hostage diplomacy
“Labour's pledge is simple - we will implement a new legal right to consular assistance and appoint a special envoy for Britain's wrongfully detained abroad.”
Shadow Defence Secretary, John Healey
On the USA
“[The USA is] the most essential UK ally.”
On his five pledges
“My pledge to the British people and to the men and women who serve, is that Britain will be better defended with Labour.
First, we will reinforce protections to our UK homeland.
Second, we will ensure that our NATO obligations are fulfilled in full.
Third, we will make allies our strategic strength by developing deeper Indo Pacific partnerships, striking new defence pacts with Germany, France and the European Union.
Fourth, we will renew the nation's moral contract with those who serve and will create a strong independent champion for our forces and their families.
And fifth, we will drive deep procurement reform to direct British investment first to British jobs and British workers and British business.
This is how Labour will make our country secure at home and from abroad.”
Shadow Chancellor of the Exchequer, Rachel Reeves
On economic security
“Labour’s task is to restore hope to our politics. The hope that lets us face the future with confidence. With a new era of economic security. Because there is no hope without security.“
On her concept of “securonomics”
“But it is no use simply claiming we want economic growth without new ideas for how we can achieve it. That starts with understanding the world as it is today. A world that has been reshaped by new technologies, by the pandemic by war, by great power rivalries and by the climate crisis. In short: globalisation, as we once knew it, is dead. Disruption to supply chains that span the globe has revealed the perils of prizing only the fastest and the cheapest. And our ability to make the things essential to our national security has been depleted. Great gaps have been allowed to open up between different parts of the country. And we have, time and time again, been buffeted by global forces. In this new age of insecurity, it is no longer enough – if it ever was – for government to turn a blind eye to where things are made and who is making them. To run an economy based only on the contribution of only a few people, a few industries, and a few parts of the country. A changed world demands a new business model for Britain. It is an approach that I call ‘securonomics’. That means government putting economic security first. Security for family finances. And security for our national economy.”
On Labour’s “National Wealth Fund” and subsidising industry
“But we know too that asking business to do all the heavy lifting, while government steps back, is not an option. As our competitors understand, there is a role for government in encouraging and de-risking investment in new and growing industries. So, we will provide catalytic investment through a new National Wealth Fund. Financial responsibility means knowing when not to spend. But it also means making sure that when you invest, you get bang for your buck. So we will set that new National Wealth Fund a target: For every pound of investment we put in, we will leverage in three times as much private investment.“
On building the sectors of the future
“So today I am announcing our plans to get Britain building. A once in a generation set of reforms, to accelerate the building of critical infrastructure for energy, transport and housing. To fast-track battery factories, life sciences and 5G infrastructure – the things we need to succeed in the decades to come. And to tackle the litigation which devours time and money before we even see shovels in the ground. And to make sure that when a local community hosts national infrastructure, they will feel the benefits; Including through lower energy bills.“
On raising taxes on overseas buyers of homes
“It is not right that, while so many people are struggling, many homes are bought by overseas buyers, who may own a property but leave it vacant; Driving up prices, while families and young people are desperate to get onto the housing ladder. So because, one year ago, Keir Starmer set out the ambition for the next Labour government to make 70 percent of British households homeowners; Because a house should be a home not an asset; And because, conference, it is time we built the homes our young people need; We will raise the stamp duty surcharge on overseas buyers to get Britain building.“
Shadow Cabinet Minister for International Development, Lisa Nandy
On how Labour will engage the Global South
“We will throw out the old, tired model of charity handouts and embrace a new approach based on respect – a genuine partnership with the global south supporting their plans to eliminate poverty, tackle climate change and reach the global goals.”
On restoring the overseas aid budget
“We are committed to spending 0.7 per cent of GNI on development as soon as the fiscal situation allows.”
On what the UK could offer developing countries
“We will share British expertise in cutting-edge data technology and use our influence to unlock new, global private financing. Our politics has been too small for these times. We need big ideas for big problems. We will rebuild the culture in government that stimulates the innovation and thought leadership that once earned us the title of a development superpower. Together we will build economies and public services that allow host nations to invest in their people and create the next generation of leaders and innovators at home. To tackle underlying debt and harness technology so we all benefit from the clean energy revolution.”
On security in relation to China
“Security at home depends on stronger global partnerships to challenge the growing influence of Russia and China. Honesty about immigration means recognising and tackling the poverty, climate change and conflict which force people to move.”