Posted 11/24/2023, 4:55:00 PM
Labour backs away from £28bn green spending pledge due to budget constraints
- Labour originally pledged to spend £28bn a year on green initiatives, but has now backtracked on this commitment
- Shadow chancellor Rachel Reeves watered down the pledge in June, saying the spending target would not be reached until 2027
- A senior Labour source indicates the £28bn target is now unlikely to ever be reached
- This is due to the poor state of public finances and Labour prioritizing its fiscal rules
- Labour wants to position itself as economically credible, even if it means scaling back major policies