Economists support Labour plan to boost UK economy

Labour’s economic recovery plan has gained support from prominent economists, including Nobel prize winners and a former Bank of England deputy governor. The experts highlight the need for change after years of Conservative rule. Critics accuse Labour of lacking an economic strategy, but the economists believe in their “credible alternative.” Notable signatories include Joe Stiglitz, Sir Christopher Pissarides, Sir Angus Deaton, and Sir Charles Bean.

The economists point out the prolonged stagnation in the UK’s economy and endorse Labour’s focus on investing in infrastructure, skills, and innovation. They emphasize the importance of structural reforms, post-Brexit trade relations, and transitioning to sustainable growth. Labour’s commitment to decarbonizing electricity by 2030 is seen as ambitious yet achievable.

The letter underscores the urgency for change and praises Labour’s stability and ambitious reform agenda. With the election looming, economists like Prof Mariana Mazzucato and Richard Layard back Labour’s economic vision. Labour’s clear plan post-election is crucial for success, contrasting with the perceived lack of a coherent strategy from the Conservatives.