Keir Starmer has announced that the upcoming Labour manifesto will uphold our current policies set out in the Green Prosperity Plan. This includes achieving clean power by 2030, supporting our mission for growth, reducing energy bills, generating half a million good jobs, and establishing energy independence for Britain.
Outlining more detail of policies, Keir confirmed that the Green Prosperity Plan will include:
- Switching on Great British Energy, a publicly-owned energy company to invest in clean homegrown power, capitalised with £8.3bn, including the Local Power Plan (£3.3bn), to invest in clean energy for local communities. This capitalisation is sufficient for GB Energy to accelerate nuclear projects and position the UK as a world leader in floating off-shore wind.
- A National Wealth Fund to invest in British industries such as electric vehicle production, ports, clean steel, hydrogen, carbon capture and storage and capitalised with £7.3bn.
- A British Jobs Bonus to crowd private investment into Britain’s industrial heartlands, with up to £500m per year from 2026-27 as we build domestic industries and jobs.
- A Warm Homes Plan to upgrade Britain’s homes and cut energy bills, investing a further £6.6bn to double the Government’s already committed £6.6bn.
- A plan to Rewire Britain, unlocking billions of private investment by reforming the planning system and the grid, accelerating energy projects and industry connections.
- A plan to make the UK the green finance capital of the world with mandatory 1.5C-aligned transition plans for major companies and financial institutions.
The Green Prosperity Plan’s policies, which entail a £23.7 billion investment over the next parliamentary term, will primarily be financed through a windfall tax on oil and gas corporations that are still making substantial profits. The remaining investment will be part-funded through borrowing to invest, within our fiscal rules. Based on current forecasts, we would raise around £10.8bn through the windfall tax between 2024-25 and 2028-29 and borrowing £12.9bn.
Britain has the potential to become a world leader in clean energy. We cannot afford another five years of inaction. Labour will seize the opportunities of clean energy, tackle climate change and provide lasting benefits to the country for generations to come.
