Tomorrow Rebecca Long Bailey will deliver a speech on the local economy alongside Shadow Chancellor John McDonnell at the AJ Bell Stadium in Salford. Rebecca Long Bailey, Member of Parliament for Salford and Eccles and Shadow Treasurer Minister will say:
“We need to raise living standards and develop alternatives to austerity that empower local communities and create a diverse, balanced and resiliant local economy.
‘There are many future challenges for our country, these challenges are the greatest for communities like Salford or other northern towns and cities stripped of their industry and economic purpose.
‘We need an economy that works for ordinary people and their communities, an economy that works for the North and decentralises political and economic power
‘All areas of a country can be productive and contribute toward the national economy, but we need to enable and expand revenue generation at a local level and I would like to see local authorities and communities being empowered to do so.
‘Greater Manchester is currently negotiating its devolved powers with central government. This is an opportunity for our area but it also poses significant challenges
‘Low income families are at the fore front of these challenges, Unemployment is still a scourge that affects many and across the country household incomes are declining. This is why we need an alternative economic strategy. Devolution can form a central part of that strategy but Greater Manchester needs the resources to make the new powers work for ordinary people and to combat the challenges that is poses to our community.
‘How can we have an economy that works when workers wages are not rising with inflation and household consumption is very low? It means business and consumers suffer and in turn our communities suffer too.
‘We need an economy that understands and recognises the power of our local economy. If we are to see growth driven from below then communities need the relevant skills to be able to sustain competitive and sustainable local economy that tackles inequalities in wealth and power
‘Money needs to be recycled into our communities so their economies are balanced and resilient, We need institutions that make this possible, New financial institutions like the nascent ‘Bank of Salford’ project could be the answer.
‘We need new institutions which protect our local encomies and encourage financial diversification
‘We can make the case for locally led growth and it is essential if we are to create a diverse range of small and medium sized enterprises’ that serve needs of the national economy without leaving behind the local community’