Wealth creation debate - August 2023

The Sylvan wealth creation debate considered the following motion:

Keir Starmer is right to prioritise growth, investment and wealth creation.

The debate took place on Monday, 7th August. Tom Warner proposed the motion and Apeike Umolu opposed it.

The proposition arguing that Keir Starmer is right to prioritise wealth creation

The proposer opened with the need to pursue economic prosperity, with the Blairites already in favour. Though some believe in larger goals than prosperity – softies? It sounds right wing. If Labour solely focused on prosperity…we have the Conservatives already. We reasonably want them to do more, with public services, healthcare, etc. Yet building Jerusalem and wonderful boons come at a cost that needs paying with real money. We spend £118 billion on debt interest alone, more than the education budget. Our productive workers support children, uni students and the elderly, and they must be looked after. Labour fundamentally needs prosperity to deliver its mission, even though it doesn’t feel right them wearing suits. We’ve had a pragmatic Labour party before. In order to make the world more just socially, we need money. We should prioritise art, and artists need nice places to live.

The opposition against the wealth creation debate motion

The opposer argued that we should not prioritise growth, as it leads to dehumanisation, and asked the Labour party to free us. Post World War II, politicians promised social democracy, yet the machine has enslaved us. Yes growth can allow us to invest in ‘things’. Yet we’ve seen the recent rise in interest rates and knock-on effects in rising mortgage rates and costs – a false economy. Labour can’t fix cultural and structural problems with money, in particular wealth inequality. Iceland has low inequality and the 3rd happiest people – we are 17th. We have an obsession with land and owning property. Many now question capitalism and perpetual growth, such as Thomas Piketty. We need to try something else besides growth, it hasn’t worked. Climate change and demographic challenges mean we can’t grow the way we used to.

The opposer continued

Instead, Labour should reconnect with the labouring classes. They’ve wheeled Blair out in desperation. The Tory ‘Big Society’ led to austerity and now malaise. Labour should be more optimistic. The country has changed since the last Labour government due to Brexit. Tories have already lost it, in fact we cannot trust them with the economy. Today we have a prime opportunity to ignore the economy and focus on other areas.

Floor speeches from the audience of the wealth creation debate

Floor speeches ranged widely. Labour simply replicate Tory policies, which hasn’t worked. Household consumption drives 63% of GDP, we need a plan to solve the mortgage crisis. Brexit has hit investment, and Starmer doesn’t want to blow out public spending. Both parties support high taxes, spending and a large public sector! Gordon Brown spoke of investment, but it was really just spending. And yet wealth creation is simply not relevant and shallow, as wealth isn’t money. Boris won his large majority due to the fear that Corbyn could destroy the economy. Now Labour argues we can trust them with the economy. Wealth creation and such terms form staple political rhetoric – persuasion 101 – but we don’t know how it would work.

Floor speeches continued

Prioritise means frame and direct all our efforts, not just a nice to have. Yet policy should focus on alleviating suffering, making lives better. Blair addressed working class issues such as child poverty, we have to prioritise inequality. We need to make key investments such as the Elizabeth Line, which provides green transport and connects people. I have no problem with people being filthy rich, if they pay their taxes. Labour will detail their economic policies to support this closer to the election. However, Starmer sells the system we have today – how does growth fix our problems? We need the right kind of growth to reverse the disastrous economy left by the Tories, focusing on housing wages, transport and life expectancy. Labour will make green investments and improve labour rights.

Floor speeches continued

Our economy has lagged the OECD, and that has driven the crisis. We need a competent economic plan for the incoming government or the market will destroy it, a la Truss. Let’s get Labour elected, we need to unify to support Starmer on this issue! Millenials and Gen Z had their chance with Corbyn.

The opposer’s rebuttal

In rebuttal, the opposer urged the group to hold its nerve to support radical cultural and structural change. We need to focus on inequality, and Keir needs to work for the working class. This feels like Animal Farm. The economy needs energy, but money is sugar and sugar will kill you. The debate has pushed a lot of emotional buttons, but we don’t agree on what government should do. It should facilitate us to be our best self, yet work is not what gives us that. We should hold our nerve and not succumb to fear. We have already prioritised growth.

The proposer’s closing speech

In closing, the proposer referenced that the opposer said the UK does not feel a million miles away from the third world. But we have real wealth, and how great we have it here. Want to reassure that wealth creation isn’t corporate – we can have a green revolution, the environment is our wealth. And moving away from capitalism doesn’t guarantee a strong environment. I lived in Belarus, where bakeries had numbers not names. We cannot deny that we have wealth, and we need to sustain it.

Result: the wealth creation debate motion carried

In a razor-thin final vote, the Sylvans concluded through the wealth creation debate that Sir Keir Starmer is right to prioritise wealth creation.

See information on other Sylvan debates here.

In the wealth creation debate, the Sylvans considered whether Keir Starmer is right to prioritise wealth creation, and agreed.

Sylvan Debating Club

Wealth creation debate – August 2023