Shadow Chancellor Rachel Reeves has said that Labour would pull back slightly on its £28 billion annual green investment if the party wins at the next general election.
The original plan in 2021 revealed that Labour would spend £28 billion each year up to 2030 on green projects – but Ms Reeves has said it no longer want to be “reckless” with public finances.
“We will get to the investment that is needed. But we’ve got to do that in a responsible way,” she said in an interview with BBC Radio 4.
The plan would now be to slowly increase investment in green facilities over time, trickling up to £28 billion by 2027 instead of straight away in 2024.
Labour has said the change in policy is linked to the Conservative Party’s dealings with the economy and rising interest rates from borrowing.
“I didn’t foresee what the Conservatives would do to our economy,” Ms Reeves stated.
Greg Hands, former Business Secretary and Chairman of the Conservative Party responded: “It doesn’t matter if they try and pretend otherwise, Labour’s plan remains to stick £28 billion of borrowing on the government credit card which will lead to higher inflation and higher interest rates.”