A decade of economic failure demands new thinking.

As the Government punish the poorest through tax rises and benefits cuts, Labour needs to be ambitious as we launch our policy plans this conference.

We need a plan where every person’s voice must be heard, one which will reset the economy, our services and society, where everyone has every opportunity to fulfil their aspirations.

It cannot be fair that as you pay your Council Tax, the airbnb down the road does not.

Or that businesses try to balance the books and pay their way, while off-shore investors dodge paying their fair share.

Thatcher’s free market is not only broken, but breaking those who slave away doing the right thing.

Recently I have been looking at the wealth tax.

The figures are remarkable.

For people with assets worth over £500,000, if they were to be charged just a 5 per cent wealth tax over 5 years - ie 1 per cent a year - this this would generate a staggering £260bn, according to the London School of Economics.

Taxing investments, shares, property and the other assets owned, soon brings in revenue, while protecting the poorest.

This would pay for social care for years to come.

It would also put money back into our schools and enable Government to run many of our public companies, like rail, the post office and utility companies.

Instead, Government have opted for a regressive National Insurance Contribution rise of 1.25 per cent.

This will generate only £12bn a year, and yet will fall hardest on the least well off.

But if you are in the care system now, none of this will help you.

And even in the future, you would still have to pay £86,000 - in other words, you would have to sell your home.

You will ask where this money will go?

Under the Tories it will be back into the profit-making private care companies, not into a National Care Service, something that I have long argued for.

Meanwhile, the cut to Universal Credit or Working Tax Credits will take a staggering £20 a week from 6 October from those who desperately need this help.

It is a lifeline.

It helps pay the bills, goes towards the food shopping, helps people do right for their children and just about keeps people out of debt.

But next month Government are taking this away, stealing £1,040 from the least well off.

Despite its impact on 11,610 people living here in York, I was the only York MP to vote against this measure.

Labour have committed to replacing Universal Credit with a system that is fair and doesn’t punish you when you can’t work due to poor physical or mental health.

Elsewhere, such is the mismanagement of the economy by the Tories, that inflation is rising, out of control.

Now at 3.2 per cent, having risen faster than at any point in the last 20 years, it is expected to reach 4 per cent by the end of the year.

When inflation rises, prices rise. This means your bills go up, your shopping costs more and it is harder to pay the rent, especially in York, where house prices are rising faster than inflation.

Energy bills are set to spike with the rising energy cap, making heating a lot more expensive for everybody this winter.

The failure to diversify the energy supply, retrofit homes and decarbonise businesses and our transport system has plunged the UK into this crisis.

Of course, the failure to invest in lorry drivers is another big issue Government have failed to take seriously. But had they made the conservation of the planet their prime issue, then no-one would be queuing up for petrol right now.

So income will fall dramatically as outgoings rise steeply.

The millionaires who sit around the Cabinet Table will not notice the squeeze, but ordinary men and women will.

This is why it is crucial that we address poverty pay, so that people can have dignity at work, and know that they are valued, while those who can’t work have the support they need.

I argue that the very point of politics is to see a redistribution of wealth and opportunity.

While the Tories will force you to pay more tax, more for food and heat and higher rents on stagnated wages, Labour believes that this economic incompetency must end.

It’s why we are not just seeking to tweak the system but radically reform it.