Labour abandons £28bn green energy spending.
Labour abandons £28bn green energy spending.
This has come after a lot of confusion regarding Labour’s position on their £28bn pledge as several ministers refused to discuss the figure whilst the party leader; Keir Starmer used it wildly.
Labour was, and may still be, intending to establish a publicly owned green energy company and was previously suggesting an increase of annual green energy spending to £28bn (up £20bn from the current £8bn per annum). However, they have recently backtracked due to several reasons.
The main reason was their lack of historical economic credibility, this is even acknowledged by Labour themselves. Hence, they wish to improve the public’s perception of their ability to manage economic affairs.
Another reason is a mixture of dislike of the policy by the opposition as well as the need to borrow to fund such an endeavor.
Keir Starmer: Labour ditches £28bn green investment pledge – BBC News