Sir Keir Starmer reignited left-wing fury over his reward for Margaret Thatcher as he vowed “wealth creation” was now Labour's prime precedence.

Setting out his social gathering's financial pitch for the subsequent election, the opposition chief warned that anybody anticipating him to open the spending faucets was going to be “disappointed”.

He stated Labour plans for “securonomics” would imply secure financial progress with a basis on boosting productiveness.

Describing the latter as an “obsession”, he stated: “That's a big change for us. Having wealth creation as your number one priority, that's not always been the Labour Party's comfort zone - trust me!

“But that's the change I knew was necessary, that's the change I've delivered, and my party is united behind it.”

Sir Keir’s remarks, in a speech on the Resolution Foundation Conference, got here after a livid spat with the Labour left raged over the chief heaping reward on the Iron Lady.

He used an article on the weekend to reward the previous Conservative Prime Minister for dragging Britain “out of its stupor” by unleashing “entrepreneurialism”.

Growing the financial system is anticipated to be an election battleground for each main events.

The cost of living within the UK has put the financial system on the centre of political debate as inflation and excessive interest rates put strain on family budgets.

The Resolution Foundation launched a report on Monday which claimed the common family within the UK is greater than £8,000 worse off than these in nations akin to France and Germany.

Prime Minister Rishi Sunak has already made financial progress certainly one of his key pledges and, talking on the convention launching the Resolution Foundation's report, Chancellor Jeremy Hunt stated his tax cuts have been designed to spice up the UK financial system as he defended his Autumn Statement.

Mr Hunt informed the convention that his choice to make tax cuts for enterprise funding aimed to enhance the UK's productiveness.

"The only way in the long run that you can raise living standards is by raising productivity," he stated.

In his speech, Sir Keir argued that selections taken by the federal government and former Conservative administrations over the previous 13 years "will constrain what a future Labour government can do".

"We are in a hole, no doubt about it," he stated.

"Taxes are higher than at any time since the war, none of which was true in 2010. Never before has a British government asked its people to pay so much, for so little," the Labour chief stated.

Sir Keir added financial progress "will have to become Labour's obsession if we are to turn around the economy", which he admitted "had not always been the Labour Party's comfort zone".

Last month, Labour was compelled to disclaim claims it may water down its flagship £28 billion inexperienced prosperity plan additional amid claims the funding may by no means be reached.

The social gathering had initially promised in 2021 to take a position £28 billion a 12 months till 2030 in inexperienced tasks if it got here to energy.

However, in June shadow chancellor Rachel Reeves stated the determine would as a substitute be a goal to work in the direction of within the second half of a primary parliament.

Sir Keir on Monday insisted the pledge, which was not talked about in his speech, can be topic to the social gathering’s “fiscal rules”.

“The £28 billion, we will ramp up to that in the second half of the Parliament,” he stated when quizzed afterwards.

“It will be used to trigger that other investment from the private sector and we’ll ramp up – it’s not a question of the investment not starting until the middle of the next Parliament.

“It is, of course, subject to our fiscal rules. But I am confident that if we turbocharge the growth that we need, we’ll be able to achieve the investment we need within the fiscal rules.”

Chancellor Jeremy Hunt stated: “It is economically illiterate to say you can meet a fiscal rule to get debt falling whilst at the same time increasing borrowing by £28 billion a year. The sums simply don’t add up.

“The result of that kind of borrowing splurge would be higher taxes, higher debt interest and lower growth – on the very day Sir Keir Starmer said growth would be his ‘obsession’.”