Labour needs to make green investment to change people’s lives

Dr. Danny Sriskandarajah, chief executive at the New Economics Foundation (NEF), responds to Labour dropping its £28bn green investment plans. He said:

“It is deeply disappointing that on the day scientists say global warming has exceeded 1.5C across an entire year for the first time, Labour is set to ditch its £28bn green investment plan.

“This figure is not an arbitrary number. It is what the UK needs to lower emissions and create an economy that improves lives. Investing in things like renewables and home insulation creates more jobs, domestic supply chains, and growth than other investments. 

“The UK has already fallen behind other countries like the US and inaction now will prove far more costly further down the line. However, Labour has hamstrung itself by committing to misguided borrowing rules.

“If a future Labour government wants to make a real difference to people’s lives in this country, it needs to explain now why this level of investment is so vital. Instead of succumbing to pressure from the right, it should commit to borrowing and debt rules that align with the needs of our economy to flourish.”

ENDS

Contact

James Rush / james.rush@neweconomics.org 

Notes

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