Digest

Rachel Reeves, UK Chancellor of the Exchequer, argues that globalization as we know it is dead. She believes that the world has become too reliant on countries with differing values for essential goods and services, leading to vulnerabilities like the pandemic and the energy crisis. She advocates for a more resilient and secure economy through stronger alliances with like-minded nations. Reeves emphasizes the need to reset and rebuild relationships with European Union members, despite Brexit, and strengthen trade links with countries like the US, Canada, and the Middle East. The UK is open to investment and seeks to attract businesses from around the world. Reeves expresses admiration for the US's Inflation Reduction Act and Bipartisan Infrastructure Act, particularly their focus on revitalizing industrial heartlands. She sees opportunities in clean energy and green technology as a way to create good jobs and stimulate economic growth. Reeves acknowledges concerns about industrial policy and subsidies potentially leading to a global zero-sum game. She argues that it's not just about money but also about reforming planning systems and unlocking private sector investment. The UK is creating a national well fund to leverage private investment in energy infrastructure. Reeves clarifies that while the UK remains open to global business, she advocates for a more multilateral approach, focusing on partnerships with countries that share similar values and interests. This approach aims to build a more secure and resilient economy.

Outlines

00:00:12

A New Economic Map: The Death of Globalization

Rachel Reeves argues that globalization as we know it is dead, advocating for a more resilient and secure economy through stronger alliances with like-minded nations.

00:03:45

Rebuilding International Connections and Trade

Reeves emphasizes the need to reset and rebuild relationships with EU members, despite Brexit, and strengthen trade links with countries like the US, Canada, and the Middle East.

00:05:00

Investing in Green Energy and Industrial Revitalization

Reeves expresses admiration for the US's focus on revitalizing industrial heartlands and sees opportunities in clean energy and green technology as a way to create good jobs and stimulate economic growth.

00:06:27

Addressing Concerns about Industrial Policy and Subsidies

Reeves acknowledges concerns about industrial policy and subsidies potentially leading to a global zero-sum game, arguing for reforming planning systems and unlocking private sector investment.

Keywords

Q&A

• What does Rachel Reeves mean when she says globalization as we know it is dead?

  Reeves believes that the world has become too reliant on countries with differing values for essential goods and services, leading to vulnerabilities like the pandemic and the energy crisis. She advocates for a more resilient and secure economy through stronger alliances with like-minded nations.

• How does the UK plan to rebuild its international connections after Brexit?

  Reeves emphasizes the need to reset and rebuild relationships with European Union members, despite Brexit. She also highlights the importance of strengthening trade links with countries like the US, Canada, and the Middle East. The UK is open to investment and seeks to attract businesses from around the world.

• What are the key takeaways from the US's Inflation Reduction Act and Bipartisan Infrastructure Act that the UK is looking to apply?

  Reeves expresses admiration for the US's focus on revitalizing industrial heartlands and sees opportunities in clean energy and green technology as a way to create good jobs and stimulate economic growth.

• How does the UK plan to address concerns about industrial policy and subsidies potentially leading to a global zero-sum game?

  Reeves argues that it's not just about money but also about reforming planning systems and unlocking private sector investment. The UK is creating a national well fund to leverage private investment in energy infrastructure.

• What is the UK's approach to global business in light of Reeves' statement about the death of globalization?

  Reeves clarifies that while the UK remains open to global business, she advocates for a more multilateral approach, focusing on partnerships with countries that share similar values and interests. This approach aims to build a more secure and resilient economy.

Show Notes