Rachel Reeves plans to recruit a new heavyweight economic adviser following a reduction in John Van Reenen's role from three days to one day per week. Van Reenen has served as chief economic adviser since Labour's rise to power. Anna Valero will also depart from Reeves's council of economic advisers. Amid pressures for tax increases in the upcoming budget, Reeves highlighted the need for higher investment to resolve productivity issues. She indicated a potential for heavier taxation on wealth without directly committing to any specific policy changes.
The key problem is productivity and investment is the answer. Investment in human capital, investment in physical capital and also investment in new technologies. That's why the fiscal rules I set out do treat investment differently.
Van Reenen's position will be cut from three days to one a week as he returns to the LSE at the start of the academic year. His role has meant working seven days a week.
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