Labour knew austerity was wrong. Now, at last, it also has a vision for growth | Mariana Mazzucato

Photo of Labour knew austerity was wrong. Now, at last, it also has a vision for growth | Mariana Mazzucato
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In adopting the Green New Deal, the party has a plan for a more inclusive economy. And even the Tories have done a U-turn

Many people want this election to be about whether Brexit will solve or exacerbate the problems the UK faces. But most of these problems were born inside the UK’s borders, and long predate the Brexit referendum.

This week’s growth figures showed a 0.3% rise in GDP in the last quarter, removing the immediate threat of a UK recession. Yet, a decade after the global financial crisis, the British economy remains weak and unbalanced. Economic growth remains highly dependent on consumption fuelled by private debt, rather than investment. The financial sector has largely retreated from funding the real economy, and today more than 80% of its revenue is channelled into the finance, insurance and real estate (“fire”) sectors.

We need to move away from 'shovel-ready' projects and think about 'green transition' projects

Related: In 1989, capitalism won. Today its greatest ideological challenge is the planet | Larry Elliott

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