Economist Jonathan Portes acknowledges that Keir Starmer and Rachel Reeves successfully restored fiscal credibility and economic stability after a decade of crisis, but argues this represents an incomplete achievement. Labour was elected to transform Britain's economy, yet treated stability as an end in itself rather than a foundation for growth. The underlying pathologies remain: weak productivity gains, regional inequality, and stagnant living standards that have characterised the British economy for fifteen years.

Portes urges incoming Labour leader Andy Burnham to pursue a fundamentally different strategy centred on three pillars. First, genuine devolution that transfers real fiscal and institutional power to regions, not merely responsibility for delivering central government priorities. Second, comprehensive tax reform that reduces the burden on work whilst increasing it on property, wealth, and capital gains—restructuring a system that currently penalises productive activity. Third, strategic rather than defensive engagement with Europe, moving beyond damage control on Brexit to identifying concrete growth opportunities. These reforms, Portes contends, are not distractions from growth but essential components of a coherent growth strategy.