A prominent Labour peer has made a radical demand. He has called for the government to abolish the Treasury. Maurice Glasman is the founder of the Blue Labour movement. He spoke at a fringe event during the party’s conference. Furthermore, he argued for a complete economic transformation. He believes the UK must focus on industrial revival.
Lord Glasman stated his group must intensify its efforts. He wants louder calls for economic radicalism. He also suggested his ideas are becoming more mainstream. However, he insisted the government must be much bolder. He then repeated his controversial central demand. “We need to abolish the Treasury,” Glasman declared. He sees the institution as a major blockage.
Also, he explained his reasoning to the audience. He claimed the Treasury blocks a serious industrial strategy. Moreover, he criticized the officials who work there. He described them as PPE graduates with a neoclassical mindset. He said they do not understand vocation or skilled work. Therefore, he views them as an obstacle to progress.
Glasman then outlined his alternative vision. He proposed transferring powers away from the Treasury. The Prime Minister should receive some of these powers. Additionally, a new economics ministry should be created. This new department would oversee his industrial policies. His vision prioritizes heavy industry and vocational jobs.
He also made another striking suggestion. He said the government should close half of all universities. These could then become vocational colleges. This would help honor the dignity of Labour. It would also celebrate skilled manual work. His plan aims to radically change the country’s direction.
Labour MP Jonathan Hinder shared the panel with Glasman. He echoed the peer’s sentiments. Hinder said Blue Labour promotes a radical economic alternative. He believes this approach can appeal to Reform UK voters. He argued the party must rethink its economic goals. The government needs a more ambitious industrial strategy.
This call to abolish the Treasury comes amid political pressure. Chancellor Rachel Reeves prioritizes economic stability. She has strict, self-imposed borrowing rules. She describes these rules as non-negotiable. However, many Labour MPs are challenging her. They are concerned about spending cuts and welfare.
Lord Glasman’s full proposal is unlikely to happen. Nonetheless, his ideas are gaining some influence. The government faces a real threat from Reform UK. This party is targeting traditional Labour voters. Blue Labour combines left-wing economics with cultural conservatism. This blend may become more influential within the party. The debate over whether to abolish the Treasury is part of this larger struggle.
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