Labour's flagship eco-promise no longer on the table
Labour's Shadow Chief Secretary to the Treasury, Darren Jones, has confirmed that the party's plan to borrow £28 billion annually for green projects is no longer a pledge. The decision comes after the controversial promise faced scrutiny from the Tories. Jones stated that the amount borrowed for environmental initiatives will now be subject to economic conditions and individual business cases.
"The number will move around"
Jones acknowledged that the borrowing figure would be flexible and dependent on various factors. Labour has gradually diluted the original pledge since its announcement three years ago, now referring to it as an "ambition."
Internal divisions and economic restraint concerns
Labour's top team has been divided over whether to abandon the £28 billion figure, which aimed to achieve full green status for the UK by 2030. Some close to Sir Keir Starmer argue that the pledge has become a burden and impedes efforts to convince voters of the party's economic restraint.
Higher taxes may be necessary
Ministers have suggested that if Labour no longer intends to borrow the £28 billion, higher taxes may be required to fund environmental projects.
Labour committed to fiscal rules, not arbitrary numbers
Labour's Deputy Leader, Angela Rayner, confirmed that the party is not bound to arbitrary figures and will adhere to fiscal rules. She emphasized the importance of identifying where the money will be spent and ensuring a sustainable approach to secure public and private investment.
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