Party conference season is in full swing now, and we're learning more about Jeremy Corbyn’s campaigning tactics all the time. In conventional politics, a campaign lasts for a few weeks and ends on election day. However it is clear that ‘for the many, not the few’ is taking the shape of a movement: and that Jeremy Corbyn has no intention of losing his momentum.
The Government is therefore faced with a running challenge, and must keep its unity and purpose at all times. And it must visibly move in the direction of social justice, by making participation in wealth creation something for all - and in particular the disadvantaged young.
As soon as they're back to work and the jamborees are over, the Chancellor will be sharpening his pencils for the November budget. That is when a shift in direction needs to be seen, and not just in Brexit positioning.
We would like to see a radical new program of incentivised learning for young people whose families are in receipt of Child Tax Credit: similar to The Share Foundation’s Stepladder of Achievement, but fuelled by part of the levy on inheritance. Designed to provide life skills, it would provide financial reward for those who make the effort to build their capability to progress in work and everyday life.
Understanding how to budget, how to assess risk and how to develop a personal balance sheet of savings, investments and where necessary debt to get money working for you is fundamental to creating wealth. But it needs to be a scalable program right across the United Kingdom, not a series of local initiatives. That’s why we need Government leadership now to drive it forward.
Meanwhile Brexit continually saps the attention of Government and the media. Important though it is, we need to recognise that it was the domestic issues of an inadequate and falling standard of living, and this lack of opportunity to participate in wealth creation, which drove the votes in both the referendum and the election. These will not be improved by Moody’s downgrade to the UK credit rating.
All the more important, therefore, to give people - and especially young people - hope for a better future. I will be speaking at the forthcoming London Investor Show on Friday, 20th October on the subject of egalitarian capitalism, a date well-positioned shortly before the November Budget. You can get free entry by applying through Share Radio using the voucher code ShareRadio17.