Labour will today (Saturday) launch its annual ‘State of the Economy’ conference at Imperial College in London, which plans to raise the level of economic discussion while also providing a platform for Labour to start to lay out the foundations of the economy of the future.

During a keynote speech at Labour’s first 'State of the Economy’ conference Labour’s Shadow Chancellor will announce plans for the next Labour Government to introduce a National Investment Bank, set up a 'Mayors Economic Forum’ alongside an Economic and Innovation Forum, and plans to tackle the housing crisis in the UK.

 John McDonnell MP, Labour’s Shadow Chancellor, giving a keynote speech at Labour’s first annual ‘State of the Economy’ conference today (Saturday 21 May 2016), will say:

 Labour will announce plans for a Mayors’ Economic Forum:

“With Mayors elected across major cities in this country, and more Mayoral elections to follow, there is a new enthusiasm and capacity to take the initiative locally.

“With John Trickett, the Shadow Communities Secretary, we are going to be convening a Mayors’ Economic Forum to bring together local leaderships to help share ideas and take initiatives.

“Our first agenda item will be solving the housing crisis.”

__

Labour will announce the creation of a Economic and Innovation Forum:

“ We have to overcome the arrogance and isolation of government. 

“Civil servants do not always know best. Nor do politicians.

“Too many governments in the past have believed that they do.

“But it should be fundamental to a genuinely democratic approach to economic policy that governments are there to bring people together, to facilitate discussion and to listen.

“Not to impose, but to seek consensus.

“When we return to government, I’ll be looking to set up an Economic and Innovation Forum which will provide a space where representatives of businesses, unions, and wider civil society can come together with government at a national level.

“We’ll create a partnership in policymaking.

“We think we are far more effective when we work together.”

___

Labour will announce further aspects to the National Investment Bank:

“ Jeremy has argued before for a National Investment Bank.

“This could supply the investment needed for the big infrastructure projects, like high speed rail, that form the backbone of a modern economy and in which Britain is sorely deficient.

“It can help local and regional institutions provide the financing for our small businesses, still starved of funding by our existing banks.

“And we’ll look for ways to ensure new technologies get the funding they need not just for research but for dissemination and adoption.

“Renewables in particular need attention.”

___

Labour will take action to tackle the housing crisis:

“ Sadiq Khan has rightly highlighted the issue of housings costs in London.

“The cost of housing in London is arguably the biggest single blight on this city.

“Those of us, particularly young people, who are unable to get onto the housing ladder and then at the mercy of an unforgiving, unrestrained housing market.

“Other urban areas are suffering from skyrocketing rents.

“We’ll give local authorities the powers to introduce local rent regulation as Labour committed to at the last election where these are needed.

“But we have to also meet the aspirations of people to own their own home.

“We are also looking at how we can reverse the freefall decline in home-ownership amongst young people.

“So Labour would make it a mission to ensure families and young people on ordinary incomes aren’t locked out of home-ownership as they are under the Tories.

“Labour councils are providing innovative solutions to the Tory housing crisis

“Councils in Manchester, Warrington and Sandwell, are offering cheap, local authority-backed mortgages to first-time buyers in particular.

“With too many first-time buyers excluded from the housing market by high-street banks, we’ll be looking at ways to securely expand local authority mortgage lending.”