Labour in major economic U-turn as it delays flagship 28bn green prosperity plan

Logo The IndependentThe Independent
2023-06-09 09:22:01  • 4 mins

Sir Keir Starmer has performed a major U-turn on one of Labours key economic policies, as the party delayed plans to borrow 28bn a year for a green investment pledge.

Labour rowed back on its flagship green prosperity plan, which promised to pour 28billion per year into climate-friendly investments until 2030 if it wins the next election.

Rachel Reeves - who said she wanted to become Britains first green chancellor - said that Conservatives crashing the economy had triggered the rethink.

But Tory critics accused the party of flip-flopping, claiming it was another Labour plan that does not add up. And Chancellor Jeremy Hunt said Labours plan will still add 100bn to the national debt and fuel inflation.

Pressed on whether the 28bn figure was no longer realistic, the shadow chancellor said Labour will instead ramp up to that level of investment by halfway through a first parliament.

We will get to the 28bn, it will be in the second half of the first Parliament. But we will get to that 28bn, she told BBCs Radio 4 Today programme.

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