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Starmer mentioned it 13 times in a recent speech. Rachel Reeves, the shadow chancellor, labels her vision “securonomics” in an “age of insecurity”. It was no coincidence she unveiled it in Washington, as it aligns Labour with Bidenomics and other centre-left parties in Germany and Australia trying to make their countries more economically secure and resilient.
It means “friend-shoring” (sourcing components and products from geopolitical allies to reduce dependency on China); industrial policy and putting resilience above efficiency. Reeves argued: “It is time for us to admit that globalisation, as we once knew it, is dead … We must foster new partnerships, between the free market and an active state and between countries across the world who share values and interests.”
This story is from the August 26, 2023 edition of The Independent.
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This story is from the August 26, 2023 edition of The Independent.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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