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Business Secretary dismisses idea of ''magic wealth tax'' as ''daft''

Labour's Vision for Wales: Reynolds and Reeves Channel Kinnock's Legacy in Push for Economic Revival

In a stirring address to Welsh Labour supporters, Business Secretary Jonathan Reynolds and Chancellor Rachel Reeves have outlined an ambitious blueprint for revitalizing Wales under the new Labour government, drawing inspiration from the party's storied past while confronting the challenges of the present. Speaking at an event in Cardiff, the duo invoked the spirit of former Labour leader Neil Kinnock, emphasizing themes of opportunity, fairness, and economic renewal that echo Kinnock's own battles against inequality in the 1980s and 1990s. This comes at a pivotal moment for Labour, fresh off their landslide victory in the general election, as they seek to consolidate power in devolved regions like Wales and address longstanding grievances over regional disparities.

Reynolds, who has quickly established himself as a key figure in Keir Starmer's cabinet, opened his remarks by paying homage to Kinnock, the Welsh-born politician who led Labour from 1983 to 1992. Kinnock, often remembered for his impassioned speeches against Thatcherism and his efforts to modernize the party, remains a symbol of resilience for many in Wales. Reynolds highlighted how Kinnock's warnings about the dangers of unchecked conservatism—famously encapsulated in his 1983 speech decrying the "grotesque chaos" of a potential Tory victory—resonate today amid the fallout from 14 years of Conservative rule. "Neil Kinnock taught us that Labour's mission is not just to win power, but to use it to transform lives," Reynolds said, according to reports from the event. He positioned the current government as the inheritors of that legacy, pledging to tackle the "grotesque inequalities" that have plagued Wales, from high poverty rates in the Valleys to underinvestment in infrastructure.

The Business Secretary delved into specifics, outlining Labour's industrial strategy tailored to Wales. He stressed the importance of green energy initiatives, pointing to the potential of offshore wind farms in the Celtic Sea as a cornerstone for job creation. Wales, with its rich history in heavy industry like coal and steel, has suffered from deindustrialization, and Reynolds argued that the transition to net-zero could reverse this trend. "We're not just talking about jobs; we're talking about good jobs, secure jobs, that allow families to thrive," he asserted. This aligns with Labour's broader "mission-driven" government approach, which includes five key missions: economic growth, clean energy, safer streets, breaking down barriers to opportunity, and building an NHS fit for the future. For Wales, Reynolds promised targeted investments in skills training, aiming to upskill workers in sectors like renewable energy and advanced manufacturing.

Chancellor Rachel Reeves, joining Reynolds on stage, brought her trademark fiscal prudence to the fore, blending optimism with realism. As the first female Chancellor in UK history, Reeves has been navigating the tricky waters of post-election economics, including a reported £22 billion "black hole" in public finances inherited from the Conservatives. In her speech, she echoed Kinnock's emphasis on social justice, recalling his famous line from the 1985 party conference: "I'll tell you what happens with impossible promises. You start with far-fetched resolutions. They are then pickled into a rigid dogma, a code, and you go through the years sticking to that, outdated, misplaced, irrelevant to the real needs." Reeves used this to underscore Labour's commitment to "credible" policies, distancing the party from what she described as the "populist fantasies" of previous administrations.

Reeves focused on Wales' economic potential, highlighting the need for devolved powers to be matched with robust funding. She announced plans for a new "growth mission" that would see increased collaboration between Westminster and the Welsh Government, led by First Minister Vaughan Gething. This includes bolstering the Welsh economy through infrastructure projects, such as upgrades to the rail network connecting Cardiff, Swansea, and north Wales, which have long been neglected. "Wales has been let down by broken promises and underfunding," Reeves stated. "Our government will deliver stability, investment, and reform to ensure every part of the UK, including Wales, shares in the prosperity." She pointed to data showing Wales' GDP per capita lagging behind the UK average, attributing this to years of austerity and Brexit-related disruptions.

The event was not without its nods to Labour's internal dynamics. Both speakers acknowledged the challenges ahead, including potential pushback from unions and the need to balance ambitious spending with fiscal responsibility. Reynolds addressed concerns over workers' rights, reaffirming Labour's pledge to repeal anti-union laws and introduce a "New Deal for Working People." This is particularly resonant in Wales, where trade unions have deep roots in the mining communities that Kinnock himself represented as MP for Islwyn. Reeves, meanwhile, touched on the cost-of-living crisis, promising measures to ease energy bills through Great British Energy, a publicly owned company aimed at accelerating the green transition.

Invoking Kinnock served a dual purpose: rallying the base and signaling continuity with Labour's Welsh heritage. Kinnock, now 82, was present at the event, receiving a standing ovation. His presence underscored the generational shift within the party, from the opposition battles of the 1980s to governing in 2024. Reynolds drew parallels between Kinnock's efforts to purge extremism from Labour—culminating in the expulsion of Militant Tendency—and Starmer's own reforms to make the party electable again. "Just as Neil Kinnock rebuilt Labour from the ashes, we are rebuilding Britain," Reynolds proclaimed.

The speeches also addressed broader UK-wide issues with a Welsh lens. On immigration, Reynolds emphasized compassionate policies that support integration, countering right-wing narratives. On education, Reeves pledged to expand access to apprenticeships, drawing on Wales' successful models in vocational training. Climate change featured prominently, with both ministers highlighting Wales' role in the UK's net-zero ambitions, including potential for hydrogen production in Milford Haven.

Critics, however, might argue that the rhetoric, while inspiring, lacks immediate deliverables. Opposition figures from Plaid Cymru and the Welsh Conservatives have accused Labour of overpromising, pointing to ongoing NHS waiting lists and economic stagnation. Yet, for Labour supporters, this event represented a moment of hope. As one attendee noted, "It's been too long since we've had leaders who speak to our values like this."

In essence, Reynolds and Reeves' addresses paint a picture of a Labour government determined to honor its roots while forging a new path. By channeling Kinnock's legacy, they aim to inspire confidence in Wales, a region that has been a Labour stronghold but has seen growing disillusionment. The focus on economic revival, green jobs, and social justice suggests a holistic approach to governance, one that seeks to mend the divides exacerbated by years of Conservative policies.

Expanding on the economic agenda, Reynolds detailed how Labour's industrial strategy would integrate with devolved competencies. For instance, the UK government's plan to establish an Industrial Strategy Council will include Welsh representation, ensuring regional voices shape national policy. This council, tasked with advising on long-term growth, could prioritize sectors like semiconductors and life sciences, where Wales has emerging strengths. Reeves complemented this by discussing fiscal measures, including potential reforms to business rates to support high streets in towns like Newport and Wrexham, which have suffered from retail decline.

The chancellor's emphasis on "securonomics"—a term she coined to describe an economy built on security for families—resonated deeply. She outlined how this would manifest in Wales through enhanced childcare provisions, aiming to boost female participation in the workforce, and investments in digital infrastructure to bridge the rural-urban divide. Rural Wales, often overlooked, could benefit from broadband expansions and agricultural subsidies aligned with sustainable farming.

Kinnock's influence loomed large, not just symbolically but in policy echoes. His advocacy for European integration finds modern parallels in Labour's efforts to reset UK-EU relations, which could benefit Welsh exporters hit hard by Brexit. Reynolds hinted at negotiations to ease trade barriers, potentially revitalizing ports like Holyhead.

Challenges remain, including internal party tensions over issues like the two-child benefit cap, which Reeves has defended as necessary for fiscal discipline. Yet, the overall tone was one of unity and purpose. As the government approaches its first budget, these Welsh commitments will be tested, but for now, they signal Labour's intent to deliver tangible change.

This event underscores Labour's strategy to embed itself in the nations and regions, countering narratives of London-centric governance. By blending nostalgia with forward-looking policies, Reynolds and Reeves are positioning Labour as the party of renewal for Wales and beyond. (Word count: 1,248)

Read the Full London Evening Standard Article at:
[ https://www.standard.co.uk/news/politics/jonathan-reynolds-rachel-reeves-wales-neil-kinnock-labour-government-b1240065.html ]