It would appear that Rachel Reeves would rather put growth ahead of protecting our children’s future with net zero policies (Rachel Reeves’s bid to expand Heathrow could add £40 to airline ticket, 23 January). Yet in the acres of coverage about this government’s growth mantra, three crucial questions are never asked, let alone answered.
First, what exactly is the end goal of growth? The response should be an increase in economic activity directed predominantly towards rebuilding public services and turbocharging a green transition.
Second, what would this cost? Recent research has comprehensively costed most of these social and environmental transformations that polls show the public wants. The total it estimates will be around £190bn a year.
Third, how would such a programme be funded? This will require Reeves to stop obsessing about foreign investment and global bond vigilantes, and instead look to UK “savers as saviours” of our economy and environment. For example, in return for the tax breaks savers receive, all new savings in ISA funds and 25% of all new pension contributions should be invested in social and green infrastructure projects. This could eventually provide up to £100bn of funds a year. An additional £90bn or more of additional tax revenues a year could result by increasing the taxation on income from wealth.
This approach should be a priority for political activists as well as MPs, particularly jittery Labour ones. If carried out by the next election, hundreds of billions could have been invested locally, thus improving the lives of the majority, hence increasing their chances of re-election.
Colin Hines
Convener, UK Green New Deal Group
• Rachel Reeves has a lot to learn from Donald Trump (Melania Trump launches meme coin as crypto conflicts worry experts, 20 January). She can forget about borrowings by issuing the $Rachel. Millions of us will be happy to support our economy by purchasing them – just as millions of Americans are cashing in their dollar savings and investing in the $Trump and the $Melania. We have all seen the value of the pound in our pocket fall (check your supermarket bill) so it will be good to invest in something solid. Rumours that meme currencies are grown alongside fields of tulips in the South Seas are totally unfounded, and anyone mentioning small boys, emperors and the lack of clothes will be charged with treason.
Mike Lake
Trusley, Derbyshire
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