The Confederation of British Industry, or CBI, representative body of the British industrial capitalist class, held its annual conference at Birmingham the week beginning 21st November 2022. The appearance of the Labour Party leader is an annual event – whether in government or opposition the usual attitude is that we want to work in partnership with CBI for the “good of the country”. This year the very respectful Labour leader, Keir Starmer, conducted himself as if was attending a job interview – we are a Government in waiting. “Ready to give Britain the clear economic leadership it needs. Ready to work work with you to drive our country forward.”

Labour is now proud of being pro-business and understands that backing private enterprise is the only way Britain pays its way in the world. “This is a different Labour Party and there is no going back”. This may surprise the naive and those with illusions in “old Labour”, but it merely replaces the fake socialism of the state sector with the mirage of a fairer, greener capitalism.

Starmer then elaborated the economic problems of a decade of stagnation (the worst for two centuries): disposable income down to 2013 levels, and the UK being the only G7 country poorer than before the pandemic. And what faces people is a winter like no other; it is clear that many will go without heating and proper food.

Just to ensure that the issue wasn’t all one-sided, Starmer was quick to point out he “know[s] that people in this room are struggling as well.” Businesses are hit by higher borrowing rates, higher energy bills and small businesses are going under at an unprecedented rate.

The solution: a new business model. Starmer said that this would be a hard but necessary task for transforming the economy and increasing productivity. The new mantra of the US Treasury Secretary, Janet Yellen, was proclaimed: “modern supply-side economics”.

Migration and the needs of industry were looked at where the people with the skills needed were lacking. He was looking for industry to perform the necessary investment and training.

And the solutions to the economic woes of the country can be found in economic stability, higher skills and “green” growth.

A declaration was made for a Green Prosperity Plan, using private finance to transform and clean up the planet. That is what industrial strategy and partnership must deliver – in a nutshell.

The CBI was very thankful for Starmer’s speech, as many of the issues, such as migration, and skills they had been calling for for more than a year.

All this shows the Labour Party even further in the capitalist camp than ever before. The sooner those who have illusions in the Labour Party really see what is going on the better.