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the days when low pay and cheap labour are part of the British way on growth must end.
That bit, right after the word but.
I think it's possible to be welcoming and open to immigrants of all kinds whilst still wanting to improve things for those already in the country so that there isn't a reliance on cheap, exploitative labour. Whether Keir is getting that across well I'm not so sure, the headlines certainly aren't, but maybe they're aimed at people who only read the headlines and care not for immigrants.
Probably relating the the sentence directly after the word but, where he says exploiting workers from abroad because they'll accept lower wages and worse conditions isn't the right way to do things.