Labour will build better relationships with our European neighbours but not rejoin the EU - David Lammy

The second is external. The world we live in is more divided, more dangerous and less predictable than at any point since the Cold War.

A prosperous nation depends on its security. And a secure nation is built on prosperity.

That is why President Biden’s National Security Advisor, Jake Sullivan, spoke about how America must replace its post-Cold War attachment to economic liberalisation with a new approach of industrial policy and massive public investments.

It’s why the EU Commission President Ursula Von Der Leyen rejected “decoupling” from China, but focused on how to make our own economies more competitive, resilient to economic coercion, and with reduced dependence on China in critical sectors.

And it’s why Labour’s next Chancellor, Rachel Reeves has set out a new approach called ‘Securonomics’ for Britain.

Focused on prioritising economic strength and resilience in the face of our uncertain world. Addressing the challenges of the future. Finding the opportunities within them. And seizing the opportunity for Britain to achieve the highest sustained growth in the G7.

In government, Labour will give the Foreign, Commonwealth and Development Office (FCDO) a new mission statement with five goals. But the top two will be to advance our prosperity and security because in the modern world these are intertwined.

We will set our world-class network of diplomats a priority task. Launching a new economic diplomacy for the modern era.

With L abour, the FCDO will see its role as creating the conditions for growth.

Our most important economic relationship is with the vast EU market just across our shores.

We welcome Britain’s accession to the Indo-Pacific trade bloc CPTPP. But we need to be honest about its economic impact. The Tories are at best ill-informed and at worst dishonest when they say it will make up for lost trade in Europe.

Joining the CPTPP will bring a gain to the UK of just 0.08 per cent of GDP, one 50th of the OBR’s estimate of what the Conservative’s bad Brexit deal has cost the UK economy to date.

Reconnecting Britain must start by reconnecting with our European neighbours.

Because the EU are our biggest trading partners. And our allies as we face war on our continent.

If you do not think Britain’s relationship with Europe is of fundamental importance to our future, you are living in a fantasy.

The next Labour government will not rejoin the EU, the Single Market or Customs Union.

But I’ve spent the last 18 months travelling around Europe, meeting counterparts, building relationships, talking to our sister parties.

The next Labour government will be focussed on what is pragmatic.

An abridged version of a keynote speech delivered by David Lammy MP, Labour’s Shadow Foreign Secretary, at the Trade Unlocked Conference.