Labour has today unveiled its Economic Advisory Committee that will be convened by the Shadow Chancellor John McDonnell MP, and will report directly to Labour leader Jeremy Corbyn MP.
Meeting quarterly, the purpose of the Committee will be to discuss and develop ideas around the official economic strategy that Labour will be advocating under the new leadership.
The Committee, which contains a broad based group of world leading economists, includes:
• Mariana Mazzucato, Professor, University of Sussex
• Joseph Stiglitz, Professor, Columbia University, recipient of the 2001 Nobel Memorial Prize in economics.
• Thomas Piketty, Professor, Paris School of Economics
• Anastasia Nesvetailova, Professor, City University London
• Danny Blanchflower, Bruce V, Rauner Professor of Economics Dartmouth and Stirling, Ex-member of the MPC
• Ann Pettiffor, Director of Policy Research in Macroeconomics (PRIME), and an Honorary Research Fellow at the Political Economy Research Centre of City University

Simon Wren-Lewis, the Oxford professor of Macro-economics, also looks as if he’s on the team.

Speaking ahead of the announcement, Jeremy Corbyn MP, Leader of the Labour Party, said:
“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.
“I am delighted that John McDonnell as Shadow Chancellor has convened this group to advise the leadership as we set out our economic vision.”

John McDonnell MP, Labour’s Shadow Chancellor, added:
“I am delighted to convene this Economic Advisory Committee that will assist in developing a radical but pragmatic and deliverable economic policy for our country.
“Our Economic Advisory Committee will assist in developing a fairer and more prosperous economic alternative based upon investment and growth which reaches all sections of society.
“Austerity is failing the people of this country. Working alongside world leading economists Labour will present the coherent alternative our country desperately needs.”

Member of the new Committee, Professor Thomas Piketty, said:
“I am very happy to take part in this Economic Advisory Committee and assist the Labour Party in constructing an economic policy that helps tackle some of the biggest issues facing people in the UK.
“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.”

So it’s a real A team – full of new ideas. If the neo-liberal economic consensus is to be turned around, these are the people to do it.

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