If the British Labour Party is to win power, it must convince voters it can run the economy by offering to cut debt and restore budget surpluses, Labour leadership candidate Liz Kendall said on Tuesday.
After Prime Minister David Cameron defeated Ed Miliband in the May 7 election, the opposition Labour party is searching a new leader as it grapples with the reasons for its worst election defeat since 1987.
“Any political party that wants to be elected must be trusted with people’s money,” Kendall said in a speech at Reuters. “Labour does not have that trust – and this must change.”
Calling for a “renewal of Labour’s tradition of fiscal responsibility”, Kendall said she would pledge to bring debt down as a proportion of gross domestic product and deliver surpluses.
She also pledged to help businesses by promising “a banking system that supports business investment for the future.”
“We are strong in financial services but the sector should be there to serve the rest of the economy,” she said. “We have too little variety and too little competition in our banking sector.”
Four candidates – Andy Burnham, Yvette Cooper, Jeremy Corbyn and Kendall – have secured enough nominations to stand to be the next leader of Labour.
The winner will be decided by a vote of party members, lawmakers and affiliates, including its main financial backers, the trade unions. The result will be announced on Sept. 12.