Labour has today announced plans to invest in Britain’s future, with Keir Starmer setting out further details of Labour’s mission to kick start growth and deliver clean power by 2030.
As part of the party’s finalisation of policies for a general election campaign, Labour has reconfirmed its commitment to the policies announced through the Green Prosperity Plan, to create jobs, cut bills and unlock investment.
The Green Prosperity Plan will be funded by a windfall tax on the oil and gas giants, and borrowing to invest within Labour’s fiscal rules.
The centrepiece of the package is Great British Energy, a publicly owned energy company to take back control of the energy system on behalf of the British people.
The party has previously announced that Great British Energy would be headquartered in Scotland. Today, the party goes one step further and announces that Great British Energy will be given an ambitious initial capitalisation of £8.3 billion in the next Parliament, which includes the £3.3 billion already announced for the party’s Local Power Plan, to invest in clean homegrown power generation that can cut bills for families, create jobs across the country, and end the UK’s energy insecurity under the Conservatives.
A driving motivation for Great British Energy will be the need to emulate the success of other European countries and have our own domestic champion, building it in Britain.
Great British Energy will be able to invest in and deliver projects alongside the private sector. The announcement today of an ambitious capitalisation confirms that Great British Energy will invest in the following key areas:
- Partnering with industry to deliver homegrown power for Britain by co-investing in leading-edge clean energy technologies such as floating offshore wind, hydrogen, carbon capture and storage (CCS), and tidal.
- Helping to get capital-intensive projects over the line, for example by ending a decade of drift on nuclear power under the Conservatives.
- Putting profits into the pockets of working people and communities, to deliver Labour’s Local Power Plan.
Alongside this, Labour’s National Wealth Fund will help to create up to half a million jobs in Britain’s industrial heartlands, giving opportunities to plumbers, electricians, welders, and workers in every single nation and region of the country. This policy will crowd in billions of additional private investment, providing a significant boost to Britain’s steel, automotive, energy, and manufacturing industries.