A Lesson for Sri Lanka -£24bn for green initiatives promised by Labour Government
Posted on July 5th, 2024

Politics

UK Labour’s biggest spending commitment, on top of existing departmental budgets, is the £23.7bn for green measures during the next parliament. That’s more than the additional spend on health or education. That is because green policies are at the heart of the party’s plans for growth and prosperity, as well as climate.

The £1.7bn a year for its much-vaunted Great British Energy company is intended to massively accelerate the roll-out of renewables and nuclear power. The aim is to create 650,000 jobs by 2030 as well as drive industrial renewal, lower bills and create secure supplies of clean energy.

There is a further £1.1bn a year to help improve the energy efficiency of the UK’s rickety homes. Once again, the idea is to create jobs as well as lower bills and cut emissions.

But it won’t all be plain sailing. Governments have long struggled to persuade people to upgrade their homes, even with generous cash offers. It is likely there will also be local resistance to solar farms and new onshore wind turbines, which are both essential parts of the green energy strategy.

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