Labour leader Sir Keir Starmer has expressed concerns that the UK risks falling behind Eastern European countries without new policies to boost the economy.

Sir Keir will host a round table in London on Monday with leading business figures, including Tesco chairman John Allan and former Bank of England governor Mark Carney.

He plans to outline further details of Labour’s economic strategy, including creating clear rules for government taxation and spending, and giving the Office for Budget Responsibility an enhanced role.

According to World Bank data, UK GDP per capita grew by 0.5% annually between 2010 and 2021, compared to Poland’s growth of 3.6%.

If current trends continue, Labour has warned that by 2030, people in the UK will be £500 ($600) poorer than the population of Poland, and by 2040, will have fallen behind Hungary and Romania.

Labour has announced five broad missions, including achieving the highest sustained growth in the G7, turning the UK into a “clean energy superpower”, improving the NHS, reforming the justice system, and raising education standards.

“We’ve got to find the courage to take on vested interests,” Sir Keir is scheduled to say later.

“So, if you think it’s not government’s role to shape markets, that we’re only here to serve them; or that a labour market which locks in low pay and productivity is something beyond reform; or that the planning system should favour the already wealthy, not the new houses, wind farms and laboratories we need to create more wealth… then that’s not going to work for us,” he will say.

Labour has revealed the initial metrics it will use to measure the success of its economic mission, which include comparing the growth in output per person to other countries and examining living standards using disposable income for the median UK household.

The party aims to make progress towards narrowing the gap between the median British family and those in France and Germany by the end of the parliament.