The Institute for Public Policy Research said the UK needs billions of pounds of strategic state investment to deliver government plans to put innovative green manufacturing at the heart of the economy.
“Without urgent government action, the UK will remain on the starting blocks of the race to capture the green industries of tomorrow,” said the IPPR, a left-of-center research group. The Treasury should provide initial funding after which the NIF should be funded by North Sea oil and gas tax receipts or new levies on fossil fuel share dividends and buybacks to “divert excess profits into productive investments in a future green economy,” IPPR said.
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