Labour Abandons £28bn Green Investment Commitment

The UK’s Labour Party is reportedly abandoning its commitment to spend £28bn annually on its green investment plan, according to sources who spoke to the BBC. The official announcement is expected on Thursday. The party’s Green Prosperity Plan, which includes the establishment of a state-owned green power company, is not being completely discarded. However, Labour will no longer promise to invest £28bn each year in green energy initiatives if it comes to power. This decision comes amidst confusion over the party’s stance on the policy, with some senior members avoiding mentioning the £28bn figure in interviews. The party is expected to justify this move by emphasizing its commitment to responsible economic management. The original plan to spend £28bn annually on green energy projects was announced by shadow chancellor Rachel Reeves in September 2021 but was later revised. The party now aims to meet this target halfway through its first term rather than in its first year. The policy has been criticized by the prime minister, who suggests it could lead to increased taxes. Internally, Labour acknowledges that it has struggled with its economic credibility and is now focusing on reassuring voters of its economic trustworthiness. This news coincides with Conservative claims that Labour’s home insulation plan would cost twice as much as initially estimated. Party leader Sir Keir Starmer has set a deadline of Thursday to finalize the party’s draft general election manifesto.