, shadow chancellor Rachel Reeves announced her ambition to be the UK's first "green" chancellor.
And Ms Reeves wants to emphasise that if any spending commitments clash with her fiscal rules, the rules would win every time.In their own detailed briefing on their fiscal rules, Labour said: "It is essential that for our future prosperity that we retain the ability to borrow for investing in capital projects which over time will pay for themselves.So borrowing to invest in the future technology and jobs shouldn't fall foul of that fiscal rule.
One of the other justifications for the change of position is that £28bn shouldn't be poured in to the economy straight away. Engagement with investors convinced them the government itself may not need to pump in a huge amount of cash straight away - the private sector would provide green jobs without state help.
One concern was that the amount to be borrowed - the £28bn - was better known than what the money would buy - from home insulation and heat pumps to new carbon capture technology. As one Labour shadow minister put it: "They [the Conservatives] will be pulling their hair out that one of their attack lines has failed."Rachel Reeves says Labour will now "ramp up" its plan to spend £28bn a year on green industries
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