Meet the team shaping the Labour Party's 'New Economics'

The Labour Party on Sunday announced its new Economic Advisory Committee, following the recent surprise landslide leadership victory of Jeremy Corbyn.

Here’s the team that will be helping shape Labour’s economic policy, as announced on its website:

  • Joseph Stiglitz: Professor, Columbia University, recipient of the 2001 Nobel Memorial Prize in economics.
  • Thomas Piketty: Professor, Paris School of Economics, and author of 2013’s hugely successful Capital in the 21st Century.
  • Danny Blanchflower: Bruce V. Rauner Professor of Economics at Dartmouth and Stirling, and ex-member of the Bank of England’s Monetary Policy Committee.
  • Mariana Mazzucato: Professor, University of Sussex.
  • Anastasia Nesvetailova: Professor, City University London.
  • Ann Pettifor: Director of Policy Research in Macroeconomics (PRIME), and an Honorary Research Fellow at the Political Economy Research Centre of City University.
  • Simon Wren-Lewis: Professor of Economic Policy, Blavatnik School of Government, University of Oxford.

Stiglitz and Piketty are among the few economic academics to break into the mainstream publishing world, so it’s a bit of a coup for Labour to bag them as advisers.

The Advisory Committee will be convened by Shadow Chancellor John McDonnell and report to Corbyn. The group will help shape Labour’s “New Economics”, a term McDonnell is expected to use in his party conference speech on Monday.

Labour has already signalled its support for a “Robin Hood Tax” on financial transactions in the City and Labour’s other policies will likely to equally as re-distributive and anti-austerity.

Jeremy Corbyn said in a statement on Labour’s website: “I was elected on a clear mandate to oppose austerity and to set out an economic strategy based on investment in skills, jobs and infrastructure. Our economy must deliver security for all, not just riches for a few.”

Labour’s new advisory Piketty brought the topic of wealth inequality to the forefront of political debate last year with his book Capital in the 21st Century.

He said in a statement: “There is now a brilliant opportunity for the Labour party to construct a fresh and new political economy which will expose austerity for the failure it has been in the UK and Europe.”

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