Why Labour must adopt radical new tax policies | Colm Murphy and Patrick Diamond

The Brown-era adage Prudence with a purpose' could be the way to obtain the economic stability that has eluded every UK government since the 2008 financial crisis

Read more: Starmer must introduce wealth tax after Labour wins election, top Blair aide says

Keir Starmer appears destined for Downing Street. Even so, as the election campaign rumbles on, his party will be challenged to articulate a compelling platform that secures not only the keys to Number 10 but also the economic stability that has eluded every UK government since the 2008 financial crisis. That will demand fiscal discipline delivered not only through a prudent approach to public spending but also fundamental reform of our tax system.

In headline policy, Labour is committed to fiscal rules on spending and debt. Rachel Reeves promises to move towards balanced current spending and to secure a falling debt-to-GDP ratio by the fifth year of the forecast. As her speech on Tuesday argues, Labour believes such rules will underpin stability" and growth".