In the run-up to the 2024 election, future prime minister Keir Starmer labelled wealth creation Labour’s number one mission. “It’s the only way our country can go forward,” he declared. “We should nourish and encourage that – not just individuals but businesses.”
Starmer was right, in theory. But wealth creation is a slippery concept. Essential for economic and social progress, it can also work against both. It’s therefore vital to distinguish between “good” and “bad” wealth.
According to one definition, increases in “good” wealth come from innovation, investment and more productive business methods. Such activity boosts economic resilience, social strength and the size of the economic cake.
