Shadow Chancellor Ed Balls will today join senior politicians and policy-makers from around the world for the UK launch of the Commission on Inclusive Prosperity’s report. The report will be launched by the Commission’s Co-Chairs: Ed Balls, Labour’s Shadow Chancellor and Larry Summers, former US Treasury Secretary and former Director of the National Economic Council for President Obama. Other Commission members at the launch will include Wayne Swan, former Deputy Prime Minister and former Treasurer of Australia; Par Nuder, former Minister of Finance for Sweden; and Neera Tanden, President of the Center for American Progress.
Speaking at the launch Ed Balls will say: "The biggest economic challenge for our generation is to deliver sustained rises in living standards for all working people. Our task is to reverse the toxic combination of too little growth, stagnating wages and rising inequality which has hit many developed economies in recent years. While growth has returned in many countries working people on middle and low incomes are still seeing wages stagnating. Here in Britain working people are now £1600 a year worse off since 2010 and this is a key reason why the government has failed to balance the books. And it is why David Cameron and George Osborne are completely out of touch when they try to tell people in Britain that the economy is fixed."
Continuing Mr Balls said: "In the short-term falling global oil prices may bring some respite for consumers across the world. But that is no substitute for tackling the deep-seated problem of our economy not working for working people. Because, as our report sets out, left to their own devices, unfettered markets and trickle-down economics are leading to increasing levels of inequality, stagnating wages and a hollowing out of decent, middle income jobs. So this is no time for complacency or triumphalism from politicians or policy-makers."
"Without a strong and progressive response, the danger is that our politics will tend toward populism and insularity. But a better future is possible - one that combines openness with solidarity, dynamism with security and innovation with equity. Our task is to deliver the rising productivity and more good jobs which will ensure rising living standards for all, not just a few at the top. It requires a progressive policy agenda, active government and international co-operation. It won’t be achieved by laissez-faire and trickle-down economics of the right, nor isolationism and protectionism." Ed Balls added.