We are not a lobbying group.

If you would like to join us or would like further information please do get in touch.

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This is an important matter for the future of advanced industrial development in this country and is a central issue for the Labour Party.  I therefore felt impelled to write the following letter to the Editor of the Financial Times.

Education is of vital interest to LFIG members as it is one of the fundamental elements influencing the quality of the labour force.  As we move increasingly towards high value added activities in the economy, we become more dependent on tertiary education to provide the staff with advanced qualifications.  I therefore wrote the following:

“8th December 2010

Dear Sir

As the government moves to raise the fees for university education, I argue in favour of abolishing fees altogether.

University education should be available to all who might benefit from it.

The cost of higher education should be paid for out of direct taxation, from higher rate tax payers.  University graduates will make up the majority of higher rate tax payers.  Whether they pay a graduate tax or not makes no difference in economic terms, if higher rate tax payers pay additional tax to pay for universities.

The few people, who may not be graduates but who pay higher rate taxes, are in most cases the beneficiaries of the university graduates they employ.  They have no reason to resent paying a tax for a university they did not attend any more than the rest of us pay for pensions but often do not live long enough to retire.

Yours

Dr Stephen Gruneberg

Chair

Labour Finance and Industry Group”

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ANNUAL DINNER

On Monday 6th December 2010, with
Our Guest of Honour
The Rt.Hon. Alan Johnson MP
Shadow Chancellor of the Exchequer

The Dinner will be held in
The Library
The Reform Club
104 Pall Mall, London, SW1Y 5EW
On Monday, 6th December 2010
Reception at 7:00, Dinner at 7:45

The cost is £79.50 per person for a three-course meal to include reception drinks and wine with dinner.
A vegetarian option is available.
As there is likely to be considerable interest in the speaker an early booking is advisable.
Please note that all tickets must be paid for in advance otherwise admission will not be possible.

Download and complete the Formal Invitation here.

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Participation in LFIG activities can come in several forms: attending meetings, producing well argued reports, presenting policy papers, meeting politicians, organising events. Whatever your activity and special area of industrial or financial political interest, the LFIG would like you to help produce policies and ideas that are constructive and helpful to the Labour Front bench. We want our members to contribute to Labour Party thinking.

Producing the goods and services matters
We believe that the LFIG has a role to play in shaping left of centre thinking, policies and strategies for Labour, based on the experience and knowledge of our members. One of the failures of the left is that it often pays too little attention to the need to produce the wealth, goods and services that are necessary to maintain our standard of living. Instead it takes it all for granted, concentrating on the inherent conflicts in the production process. But Britain and industry and finance need to be competitive and profitable to survive to enable the people of the country to prosper.

The LFIG is constantly looking for practical solutions and policy strategies that will help to facilitate improvements in industry and finance for the benefit of all. Production is just as important as distribution but it must be done humanely and ethically, sustainably and profitably.

The vision for our industrial and financial future
We want to see a new optimistic vision for the future of industry and finance in the UK. We are in the middle of a major restructuring of the economy and indeed this process of industrial change is a continuous process, because the UK economy is dynamic. We must not lose confidence in ourselves, our ability and our talented people, just because of the short term global economic crisis that is hitting us now.

We in LFIG remain optimistic and positive about the role of industry and finance. It is our industry and finance that will give us the opportunities to fund sustainable development, to meet our future education needs, our health care and care of the elderly and improve the material and non-material quality of life for all. For industry and finance to provide all this is a real and important challenge.

Please join us in this challenge by becoming active in one or more of the LFIG Policy Groups, or help with organising our events and meetings. We look forward to welcoming you.

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The Big Society means nothing. What is the meaning of the opposite? There is no such thing as society? Empty statements and slogans will not get us out of the financial problems we face or the social issues we must deal with.

So just what are the financial problems we face? A large unsustainable deficit. There are two ways of dealing with this. One hurts the other doesn’t. Cuts hurt. Investment in the future builds and inspires and gives future generations opportunities they would not otherwise have.
At a time of unemployment, which represents a waste of time and resources, government is in a position to mobilise people to build for, and invest in, the future. The returns on investment now will bring benefits for decades to come. At this time we could be investing in new transport systems to leapfrog the rest of Europe and ensure that Britain retains its competitive position and economic viability. Improvements in transport will re-invigorate areas of the country that are remote by connecting them with their markets and people with work.

If people can travel to work on public transport quickly, comfortably and safely on frequent services, congestion can be overcome. If congestion can be overcome then the savings will dwarf the cost of the investment in public transport. We will save on time and we will save on fuel bills. Employment will increase and people will be willing to live in different parts of the country as the transport system reduces the psychological barriers of distance. Job opportunities will rise and property prices will rise. We will all be better off.B

We need a vision to give policy a direction. If we wish for change then we must change. We must see that the country can fester in the doldrums or it can meet the challenge of the modern world. We do not need to accept that Britain is finished. The human resources we have at our disposal, the efforts of people to drive the country forward, the imagination and innovative skills we have and the talent mean the country should be going from strength to strength. We have not experienced the natural disasters that afflict other countries. We do not have the political problems facing other countries. And no do we have the financial crisis on the scale of other countries. We are a solid, law abiding and hard working country of caring people. We are not a cynical nation.

We must compete with the best. The quality of life and the standard of living is higher in the first division than in the second or third divisions. Our training and skills must be of the highest standards.

Because we are successful in the media and IT like California, in finance like New York and car production like Japan, in pharmaceuticals like Germany, in tourism like Switzerland, in aviation like Washington State, in renewables technologies like Denmark, we must continually find new technologies to exploit. We have the universities that produce critical thinkers and research institutes that bring out creative ideas.

Yet the new technologies mean fewer people need to be employed in manufacturing. Just as in the past people worked the land and now very few people are employed in agriculture, so in the past many people worked in factories and now very few are needed to actually make and produce the goods we require. The people freed from repetitive work in factories are now available to study and teach, to look after the weak, the sick and the old.

It is the common interest of employers, labour unions and government that will secure our place in the world as other countries come to us for the special things we can offer. It is our industry and finance with the help and goodwill of our industrialists and trade unions that will enable us to build a stable future. And it is our industry and finance that will give us all a sustainable way forward into the future of creativity, culture and co-operation. It will lay the foundations of a fair and decent, tolerant and inclusive society.

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The main point is that government spending is money that circulates round the economy. Firms get it and their employees benefit and then when the money is spent by these employees a second round of firms benefit. This is not the same as an individual or firm spending money. When an individual spends, that is the last time that individual will see that money. You cannot spend that money twice. But when the public sector spends money it automatically gets a high percentage of that money back through direct and indirect taxes.

Also, much depends on what the government does with the money it spends. It can spend it on current spending, the revenue account or invest it in the future, the capital account. Instead what we have seen is massive intervention in a latter day monetary policy called quantitative easing which increases the amount of money in circulation. By doing this, inflation beckons. This will turn many bad debts and investments, especially those involving property, back into the black and negative equity will turn into real assets once again as loans to fund the investment diminish relative to the market values of the properties. This may be the strategy in the US, which desperately needs to turn its housing market round.

We need to inject money into the economy by investing in the infrastructure of the economy. This will prepare the economy to be even more competitive when the recovery begins to happen, which could still be many years in the coming.

The current situation is like a big black box. Taxes rise and taxpayers’ money goes in, but bankers still collect their huge salaries and asset prices rise. Inequalities continue to grow. This is quite unacceptable. We need a revival of industry and production. We need the currency and banking to be strong. There is one thing worse than a strong bank and that as we have witnessed is a weak bank. We do not need to tax banks out of existence. We need both banking reform and investment in the future.

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It is the feeling that my voice is not being heard. My relationship with the state is changing. Parking attendants are not employed by my elected local authority. They are employed by private firms, out to make a profit. Any fine they can impose on me is seen as revenue. It is no longer a matter of a discretionary telling off and warning. No. If you park on a yellow line, that’s it. If you park just inches outside a parking bay, you’ve had it. Avoiding these misdemeanours nowadays is actually tax avoidance.

If I phone up my local authority about my council tax, I am likely to be directed to someone, who hasn’t even heard of my street and sometimes even the district I live in. My water, gas and electricity are not dealt with by people, who supply a public utility but by someone, who is geared to profit making. My hospital is run by a construction company. Private firms, not local authorities, seem to rule my life.

The result is that my relationship with the state has altered. My sense of belonging to a caring society has changed. I now feel I am on my own and rules and regulations must be strictly adhered to, because the people, I might have to deal with, will not be able to help me, even if they wanted to. I feel I might have time consuming battles to fight, unless I keep my head down. There are too many rules and regulations. Often they appear to be arbitrary and rarely is there ever an explanation.
Typical are the number of road signs, traffic lights, speed bumps, one way roads, speed cameras and traffic regulations. Is this the kind of society we really want to create? Do we really want to build a society, in which people blindly follow rules and regulations and no longer need to consider other people and good manners?

We need to re-empower local authorities, the local police and local voluntary groups. There are still plenty of people, who are dedicated to building a decent society – the fire service, the ambulance service, and the police service, nurses, doctors and teachers, politicians, judges and civil servants. We must be a land of opportunity, of decency and of caring for all and it is the duty of the state to ensure that all in society regardless of their background, share in the fruits of our labour.

We need to remain focused on the need to have the kind of society that encourages initiative, innovation and investment by individuals and companies. The dead hand of regulation and control, of permits and licences, certificates and planning permission can destroy the enthusiasm and vision, the creativity and imagination, the technological research and scientific breakthroughs, all of which will ensure the future long term prosperity, international competitiveness and sustainability of the British nation.

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Before the last election the LFIG held a series of successful meetings with special advisers at Number 10 and Ed Miliband. We discussed well over 40 policy areas and came up with a number of suggestions.

Although David Cameron and Nick Clegg have committed themselves to a five year
government, it is difficult to see how the coalition can survive that long.

In view of the need to be prepared, it is essential that the work of the LFIG Manifesto Group should continue. This way we shall be in a position to offer thought out policies well in advance of any snap or surprise election.

For this reason I am planning to hold a series of meetings to develop policies that might feed in to the manifesto process. The aim will be to have a number of policies waiting in readiness for the next General Election whenever that may be called.

Please contact Stephen Gruneberg, if you would like to participate in the manifesto writing process. The Manifesto Group will require someone to volunteer as Secretary to the Group to minute proposals. Once we have a number of proposals in place we should continue to have occasional meetings of the LFIG Manifesto Group.

Although primarily for the purpose of preparing the manifesto for the next General Election, it may also be useful for the Manifesto Group to prepare a report on the role of industry and finance in a left of centre political context. This project will also be discussed early on in the discussions of the Manifesto Group.

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The Coalition announced that the science budget would be frozen at £4.6 billion a year. Some have hailed it as a big win for the scientific and research community, but the full story seems unclear. A colossal 40% of budget savings are expected to be made in Higher Education funding more broadly. The extent to which those cuts will impact on research, or undermine UK competitiveness in high-value added R&D intensive industries remains to be seen. The week after the Comprehensive Spending Review, the Young Fabians ‘Technology and Society’ Network will convene a lively and interactive debate to shed light on the implications of the cuts and how Labour, as a responsible opposition, should respond. The debate will cover:

- Is the frozen research budget really a ‘win’ for science and research?
- What impact will 40% cuts to Higher Education more broadly have on the UK’s global leadership position in academic research?
- Can business pick up the reins on research funding through innovative collaborative partnerships with Universities and commercial spin outs?
- What does the future of the Lord Browne Higher Education funding reforms mean for research funding, and what social mobility questions are raised?

Pam Nash MP, Science and Technology Committee member and youngest MP in the House, will chair the debate. Imran Khan, Director of the Campaign for Science and Engineering; Professor Evan Parker, Department of Physics at the University of Warwick; John Unsworth, Chair of Scientists for Labour; and Lord Krebs, Chair of the House of Lords Science and Technology Committee (tbc), will all make short remarks on the issues ahead of a wider debate with attendees.

For reference, the Young Fabian ‘Technology and Society’ Network was launched by Lord Drayson, then Minister for Innovation, in March 2010 with the aim of better connecting socially-minded individuals from academia, science, engineering and research with progressive politics. Network membership is not limited to Young Fabian members, but open to all individuals who identify as socially-minded. Please see a link to the Young Fabians networks site here: http://www.youngfabians.org.uk/content/view/272/52/.

Please feel free to forward this invitation onto friends and colleagues. Places will be confirmed on a first come first served basis. To reserve a place please email me at nmaxwell@youngfabians.org.uk

Kind regards,

Nick Maxwell
Young Fabians Networks Officer

Edit, 3 Nov 2010: Please see link to event report here.

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With Ed’s victory it is now more important than ever that the LFIG contributes to the development of practical and far sighted industrial and financial policies. At a time when there is an attempt by the other political parties to show that Labour does not understand the needs of industry, the LFIG must show we are at the heart of industrial strategies that will help Britain to recover from the current world financial crisis. It is LFIG that will show Baroness Warsi’s comments about trade union support for Ed to be wholly misguided.  At this time the real threat to UK industry does not come from the trade unions but from the rate of expected cuts in government spending.

We in LFIG must now demonstrate that Labour has industrial and financial policies that can form the basis of the future success of the UK economy.

We call on everyone to join in this effort by participating in our policy groups.  We shall show that Labour has friends in industry and finance and far from being a threat, Labour offers real opportunities.

This must be the aim of LFIG in solidarity with Ed Miliband, our new leader.

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