‘A big ask’: can Labour fix Britain using modern supply-side economics?

Turning to a theory championed by the US Treasury secretary, Reeves aims to upskill the workforce while boosting productivity

Long before Rachel Reeves entered the Treasury the challenge facing her as chancellor was clear. Britain's economy had been underperforming for years, not only as the result of successive global crises, but also self-inflicted shocks including austerity and Brexit.

The latest figures show some progress to get back on track was being made before Labour's general election landslide: Britain recorded the strongest growth in the G7 in the first half of 2024 - a detail seized on by Jeremy Hunt to argue that the Conservative legacy was not all that bad.