Labour has watered down its multi-billion-pound “green prosperity plan,” saying it will prioritise “financial stability” if it wins the next general election.
The opposition party had promised in 2021 to invest £28 billion a year until 2030 in green projects if it came to power.
The plan, billed as the party’s answer to U.S. President Joe Biden’s Inflation Reduction Act, included pledges to invest more in projects such as wind and carbon capture.
Labour leader Sir Keir Starmer and shadow chancellor Rachel Reeves during their tour of production facilities of the fuel cell manufacturer, Ceres Power, in Surrey, England, on March 13, 2023. (Jonathan Brady/PA Media)
But shadow chancellor Rachel Reeves said on Friday that Labour could not commit to the spending pledges until the financial situation it would inherit becomes clearer….