Robert Peston

You know, if you nationalize steel, it will have zero impact on the vast majority of people who are struggling to pay their bills at the moment.

And in that sense, as a symbol of what labor is, it's ridiculous.

So welcome back to The Rest Is Money with me, Robert Peston.

And me, Steph McGovern.

Now, what is important, I think, is that the candidates for the leadership would, I think, take the economy in a different direction from Starmer.

Now, it's early days.

None of them have put out any kind of compelling manifesto, but we have got a sense that...

of where they would go that is different from the status quo.

And I thought I would just start with a document, actually, that by chance was put out today by a group of MPs called the Labour Growth Group.

Right, who are they?

And so they are broadly people who I think would generally think of themselves as being in the sort of centre towards the right of the Labour Party.

And, you know, most of them would, I think...

end up being West Street supporters if he ever, you know, does have the courage or foolhardiness, depending on your point of view, to gather the nominations and challenge Keir Starmer.

And as I say, they put out a document today, which is actually quite an interesting document.

program it's called an honest day what a weird name for a growth strategy an honest day yeah i'm afraid it does invite satire but anyway yeah um well absolutely hammer that on have i got news for you okay yeah i'm looking forward to that anyway the bit of it that i find interesting and important is what they're broadly talking about

is shifting the burden of taxation from people, from earnings.

Yeah, from income.

From income to assets.

Okay.

Because at the heart of their analysis, and I think there is a lot to this,