The huge contradiction at the heart of Rachel Reeves’s plan ...Middle East

The speech in Oxfordshire was a key moment for Reeves, who is under pressure to spell out a more optimistic picture of the UK’s prospects after being criticised for the Government’s gloomy messaging in the first six months in office. With the economy stagnating and business and consumer confidence flagging, she needed to plaster on a grin.

The measures she announced today – which include backing a third runway at Heathrow, relaxing planning constraints, building the UK’s own Silicon Valley between Oxford and Cambridge and unlocking money from pension schemes – will take years to be felt.

Some in the Labour movement believe if the Government can show six quarters of continuous economic growth, voters will feel better off and reward Starmer and Reeves at the ballot box. Sooner would obviously be better.

Wednesday’s speech felt like the feel-good bits of a Budget without the green benches and baying MPs, and Reeves’s Tiggerishness marks a shift in strategy.

Reeves made a renewed push for net zero a key part of her speech, saying she wants Britain to “lead the way” in what she calls the “industrial opportunity of the 21st century”.

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Will no one speak up for the bats? Reeves put on her shocked voice that they should be protected: “The problems in our economy, the lack of bold reform we have seen over decades, can be summed up by the £100m bat tunnel built for HS2, the type of decision that has made building major infrastructure in our economy far too expensive and far too slow.”

Confidence among manufacturers fell at the fastest pace in two years in January, with private sector activity scarcely growing and hiring slowing down at the fastest pace since the financial crisis.

But she can’t wish growth into existence. Just because Reeves and Prime Minister Sir Keir Starmer announce it is happening, it doesn’t make it so. It’s too soon to talk of green shoots of economic recovery. Reeves can smile all she likes, but Britain is playing catch-up.

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