The article discusses the evolution of the Labour Party's industrial strategy in response to market failures and regional inequalities, advocating for a more active government role in economic management. It highlights initiatives aimed at revitalizing sectors through significant public investment, including a proposed national wealth fund and a commitment to clean energy. However, the article criticizes the government's cautious messaging, suggesting that despite bold intentions, the articulation of these interventions is muted, risking underestimation of their transformative potential in the economy.
The strategy outlines a clear set of interventions that break with economic orthodoxy by re-establishing the government as investor of first resort, risk absorber and catalyst of structural transformation.
What the document also reflects is a long-overdue embrace of a more hands-on state, particularly in advanced manufacturing and clean energy sectors.
Despite a promising framework, the current strategy's emphasis on government action is barely telegraphed, creating a sense of caution about the state's role.
Proposals such as a national wealth fund hint at a more interventionist role for government, although the rhetoric remains cautious regarding its true ambitions.
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