Our party has suffered a historic defeat. Many good Labour colleagues have lost their seats despite working hard for those they represented. We have lost good Labour administrations and lost the chance for more. What we are doing isn’t working, and it needs to change. This may be our last chance. The Labour Party must now live up to our name: we must be the party of working people. We’ve heard the same on the doorstep as we’ve seen in the polls - the cost of living is the top issue for voters of all parties. People have turned to populists and nationalists because we have not done enough to fix it. Living standards are barely higher than they were a decade and a half ago. People feel hopeless - that the cost of living crisis will never end, and now they see oil and gas companies use global instability to post record profits. Once again, ordinary people are paying the price for decisions they didn’t make. It’s no wonder that across the UK, working people feel the system is rigged against them. Things can be so much better than this. Countries including Spain and Canada have shown that economies can grow and people can thrive when governments stay true to labour and social democratic values and put people first. We need to learn from that. In London, we lost young people who fear they will never afford a home. In my patch and across the north, we lost working people whose wages are too low and costs too high. In Scotland and Wales, people do not currently see Labour as the answer.  We are in danger of becoming a party of the well-off, not working people. The Peter Mandelson scandal showed a toxic culture of cronyism.  Decisions like cutting winter fuel allowance just weren’t what people expected from a Labour government. For too long, successive governments have allowed wealth and power to concentrate at the top without a plan to ensure the benefits of economic growth are shared fairly. The result is an economy that does not work for the majority, with wealth concentrated in too few hands. This level of inequality, alongside squeezed living standards, is the outcome of a model built on deregulation, privatisation, and trickle-down economics. But we have the chance to fix this.  1/2

📽️THE TANKER There's an extraordinary race underway on the high seas, as nations vie to secure increasingly scarce shipments of fuel. In our latest on the economics of this conflict we track one such ship & ask: why is Britain so exposed? The answer is not v reassuring. Watch👇

📽️ WHY are diesel prices rising so fast? Well, partly because this is the worst oil supply shock in modern history. And partly because of an obscure decision taken by politicians decades ago. My latest mega primer on the economic consequences of war in the Gulf👇

Statement from President Trump on South Pars Gas Field: