Labour Scales Back £28 Billion Green Investment Pledge Due to Economic Outlook
• Labour originally pledged to spend £28bn per year on green investments, but has since said this full amount would not be spent immediately due to economic conditions • The pledge would be increased over time, reaching the full £28bn per year in the second half of the next parliament, after 2027 • Labour says every £1 of public investment would have to be matched by £3 of private investment • Actual additional spending compared to current government climate plans may be closer to £18bn per year • Conservative government has criticized the plan, saying it would increase public debt and potentially raise inflation