New business model needed — Meacher

BRITAIN’S industrial base must be rebuilt to get the country back on its feet, Oldham MP Michael Meacher has told his party conference.

The Oldham West and Royton MP believes it will take two Parliaments to achieve - but the move would mean Britain could pay its way.

Mr Meacher said: “We pay £100 billion more a year in imports than exports. Our creditors then demand to be paid by buying our big companies or UK Treasury bonds.

“We don’t have the money so we then borrow it — which is obviously the worst way to kickstart the economy. Rebuilding our base would create jobs which we desperately need.”

Mr Meacher told delegates Labour must promote real and sustainable growth “not the shallow and over-hyped version currently on offer” and tackle the growing massive inequality in the country.

He said: “We have to make the case for a new business model — a long-term revival of high-tech manufacturing, a break-up of the biggest banks to ensure that finance gives priority to British industry, priority manufacturing and investment and exports over consumption, and we must tackle inequality.”