From ‘everyday economy’ to ‘securonomics’: the implications of the Chancellor’s evolution in economic thinking

Recent years have seen growing interest in alternative ‘beyond GDP’ approaches to economic development by policymakers in the UK. This paper considers the evolution in economic thinking of the current Chancellor of the Exchequer, Rachel Reeves, from her own conceptualisation of the ‘everyday economy’, which broadly drew on the notion of the foundational economy, towards her more recent articulation of ‘securonomics’. This marked a distinct move from a focus on reconceptualising the purpose of economic policy as supporting flourishing lives and challenging wealth extraction towards a more orthodox ‘modern’ supply-side emphasis on reforming policies and institutions to boost productivity and growth. This move may have reflected political calculations of the approach most likely to secure support in the run-up to the 2024 General Election. However, it arguably also represents a missed opportunity to experiment with a new economic model centred on a more inclusive political and moral economy that subverts economic policy to social and ecological goals. The paper concludes by advocating for national level support and a strategic framework to enable alternative approaches to economic development to flourish at local level.