Labour has halved its commitment to green investments, reducing its annual pledge from £28bn to less than £15bn. This decision, a significant shift under Keir Starmer's leadership, has caused unrest among environmentalists, unions, and some in the energy sector. Only one-third of the revised budget, announced by Starmer and shadow chancellor Rachel Reeves, represents new funding. The reduction aims to mitigate Conservative criticism about excessive borrowing, yet it has angered environmental groups who argue it increases long-term costs and hinders achieving green objectives. The Unite union criticised Labour for aligning too closely with Conservative policies, while the energy sector expressed concern over diminished ambitions for UK energy. Starmer justified the decision by citing changed economic circumstances since the initial announcement in 2021, including high interest rates and government debt concerns. The revised plan includes £4.7bn yearly on green projects, complementing existing government commitments. Labour MPs have expressed relief at the change, despite the reduced financial commitment. Environmental campaigners, however, are disappointed, pointing out the challenge of meeting energy targets with less funding.
Labour cuts £28bn green investment pledge by halfWritten by David Fletcher 09 Feb 2024
- Pray: for wisdom in leadership, balance in policy, and responsibility and care for our earth's future. (Psalm 24:1)
- More: www.theguardian.com/politics/2024/feb/08/labour-cuts-28bn-green-investment-pledge-by-half