Labour waters down £28bn green investment pledge

  • 📰 BBCScienceNews
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 53%

United States News News

United States United States Latest News,United States United States Headlines

Labour to delay £28bn green investment pledge

Labour has rowed back on its pledge to invest £28bn a year in green industries if it wins power, saying it needs to be "responsible" with the public finances.Instead shadow chancellor Rachel Reeves said she would now ramp up investment over time from a 2024 election win, reaching £28bn a year by 2027.

Factors including the war in Ukraine have seen inflation soar and the Bank of England has increased interest rates, making borrowing more expensive, in an attempt to tame rising prices. Since then the economic picture has changed considerably, with interest rates and borrowing costs soaring. The source added there were "still issues with the pledge" and "a lot of deadweight cost where the private sector would've invested anyway".Rachel Reeves toured the New York Stock Exchange on a three-day visit to the US last monthon his visit to Washington this week.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 87. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Labour waters down £28bn green investment pledgeLabour scales back £28bn a year green investment pledge, as Shadow Chancellor Rachel Reeves tells BBC 'Tories crashed economy'
Source: BBCNews - 🏆 3. / 97 Read more »