Rachel Reeves is set to announce the establishment of an Economic Advisory Council to spearhead Labour’s primary “national mission” of economic expansion following the party’s recent landslide victory in the general election.
The council will be chaired by John Van Reenen, a distinguished innovation expert and former Downing Street policy adviser during Tony Blair’s tenure. Van Reenen, currently a professor at the London School of Economics (LSE), will lead this pivotal body positioned within the Treasury.
The council will initially comprise four members, including Anna Valero, a senior policy fellow at the LSE. Valero, known for her expertise in productivity, previously served on Jeremy Hunt’s economic advisory council, which was dissolved last year. She was also among the economists endorsing Labour’s economic strategies in a pre-election letter to The Guardian.
Reeves aims to harness a diverse array of insights from independent experts through the council. She has pledged to initiate a “decade of national renewal” by strengthening the economy’s foundations.
Key appointments to the council include Spencer Thompson, a former economist at the Institute for Public Policy Research, and Neil Amin-Smith, a Cambridge-educated economist and former violinist of the Grammy-winning band Clean Bandit. Thompson has been advising Labour on economic policy since 2020, while Amin-Smith transitioned to Labour from the Treasury two years ago.
In addition to forming the council, Labour is restructuring Whitehall’s operations to fulfil its governmental agenda. This restructuring includes the creation of “mission delivery boards” featuring senior figures from business, economics, and other specialised fields.