A group of Labour MPs has written to Chancellor Rachel Reeves urging her to spend billions on improving public services, The Observer has reported.
The Labour Growth Group, which features Labour MPs including Josh Simons and Torsten Bell, wants Reeves to back a rewriting of fiscal rules that would allow for billions more to be poured into services including education, health and transport.
The letter, seen by The Observer, reportedly reads: “We give voice to the silent majority who benefit from economic reforms, infrastructure projects and growth, no matter how well organised the vocal minority.
“It is time to value these assets properly in our fiscal framework … Time is of the essence – the sooner we invest, the sooner our constituents will begin to benefit from that investment in their communities.
“If we delay, we risk further entrenching the barriers to growth that have held our country back for too long. We say this upcoming budget is the time to grasp the opportunity efore us and act with conviction.”
Recap on all of the news and debate from party conference 2024 by LabourList here.
It comes as the Chancellor has been reported to be considering options to raise further revenue in this month’s budget, including introducing national insurance on employer pension contributions and a potential rise in capital gains tax to as much as 39%.
Labour’s first budget since returning to office will be held on October 30.
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