Healey pledges ‘new age of industrialisation’ as Labour backs British
Former defence secretary, John Healey, is set to unveil a positive economic vision focused on modern industry as he takes the stage at the Labour Party conference on Monday. He will address the conference for the first time as Chancellor, promising to lead Britain into a “new age of industrialization.”
A Shift Towards Modern Industry
Healey is expected to emphasize that the UK cannot revert to its coal mining past but must forge ahead with a new economic vision centered on modern industry. Drawing inspiration from South Yorkshire’s industrial heartlands, he will highlight the transformation of the former Orgreave mine into Rotherham’s Advanced Manufacturing Park as a beacon of progress.
“Our coal mines are not coming back,” Healey will affirm. “But this is how Britain’s industrial past is being remade now for the modern world. This is the new age of industrialization. A new confidence in Britain.”
Investment in Shipbuilding Industry
In addition to outlining his economic vision, Healey will also announce increased support for Britain’s shipbuilding industry. A key part of this initiative includes investing in the Royal Navy’s Scottish submarine base at HM Naval Base Clyde, Faslane. The procurement of three new floating docks through a UK-only competition, known as Programme Euston, is set to enhance Faslane’s facilities for the next generation of British submarines. The docks are part of a broader £15 billion upgrade program for the Royal Navy’s shipyards.
Economic Challenges Amidst Industrial Revival
Despite Healey’s optimistic outlook, the Confederation of British Industry (CBI) recently reported a decline in private sector activity, particularly in retail and services, with manufacturing experiencing a more modest decrease. Rising energy and employment costs, coupled with weak demand, are cited as factors contributing to this decline.
Shadow chancellor, Andrew Griffith, criticized Healey’s approach, labeling the announcements as lacking clarity on funding sources. He highlighted previous concerns over a funding shortfall in the defense investment plan and questioned Labour’s commitment to meeting defense expenditure targets.
GMB, a prominent union in shipbuilding, welcomed the UK-only tender for Programme Euston, advocating for the creation and protection of skilled jobs and apprenticeships in the UK through defense procurement. The union emphasized the importance of investing in the country’s industrial capabilities and securing contracts that benefit local economies.
As Healey sets the stage for a new era of industrialization, the spotlight remains on how his economic vision will navigate the challenges and opportunities in a rapidly evolving landscape.
