In the latest of a series of interventions by the Shadow Cabinet, Labour’s Shadow Business Secretary, Chuka Umunna, will today (Wednesday) set out The Choice at the next election between the Labour future of long-term better-balanced growth or the Tory threat of long-term decline, low wages and insecurity.

· On the Tory record of failure over the last four years, he will highlight new figures showing that the Regional Growth Fund has missed its investment target by almost £1 billion.

· On the Tory threat, he will say that there can be no future for Britain competing on the basis of low pay and insecurity, and that if we are going to compete and pay our way in the world we must take a different, and much longer-term approach, than that exhibited by the Tory-led government.

· On the Labour Future, he will say that we must choose to build a high-wage, high-skill economy, competing on quality and value, and will highlight “Agenda 2030” - Labour’s long-term plan to earn and grow our way to a higher standard of living for all - as well as Lord Adonis’ radical plans to devolve £30billion of budgets away from Whitehall to drive growth across the UK.

The Government has admitted that its private investment target for the Regional Growth Fund is behind schedule by £900 million as a result of the slow economic recovery.

The latest Annual Monitoring Report for the Fund disclosed the figures stating that the slower than expected delivery of private investment reflected “the progress of the economic recovery”.

The report has also revealed that 40 per cent of the funds allocated in Rounds 1 to 3 - £750 million of the £1.9 billion total - have yet to be drawn down by the projects and programmes due to receive them.

Lord Adonis, in his report on “Mending the Fractured Economy”, has set out radical plans to devolve £30 billion of budgets away from Whitehall and Labour’s Agenda 2030 Plan for Long-term better balanced growth aims to increase the number of middle income jobs in the labour market.

Chuka Umunna will be making the intervention at an event with local businesses in the Hampstead and Kilburn Parliamentary constituency with Labour’s Parliamentary Candidate Tulip Siddiq.

Speaking ahead of the visit, Chuka Umunna MP, said:

“There are now less than nine months until the next general election, and Britain faces an urgent choice between the Labour future of long-term, better balanced growth, and the Tory threat of long-term decline, low wages and insecurity at work.

“We are now into the fifth year of Tory failure. The Conservative Party came to office promising to rebalance Britain’s economy across all the regions with an export and investment led boom, and have failed. They abolished Regional Development Agencies without putting in place a proper replacement and their flagship Regional Growth Fund has been mired in chaos and delay. Now the government’s own figures show the scheme failing to meet its private investment target by almost £1billion.

“We know that we will need to act where this government has failed, to drive strong growth for the long-term across the whole of the UK. That’s why, in his report for us, Lord Adonis set out radical plans to devolve £30 billion of budgets away from Whitehall. And we know also that businesses think in investment cycles that stretch well into the next decade, and that politicians need to do the same. That is why Labour has set out our ‘Agenda 2030’ plan to earn and grow our way to a higher standard of living for all across all regions.

“There can be no future for Britain competing on the basis of low wages and insecurity with a Tory led government focused on short-term advantage that will lead to long-term economic decline. If we are going to pay our way in the world and generate growth that is better balanced and benefits all, we need to take a different and much longer-term approach – that is what Labour offers to ensure people can meet their future aspirations and dreams.”

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