Labour’s £28 billion green U-turn shows Starmer doesn’t want UK Inc to go into the red
10 months, 2 weeks ago

Labour’s £28 billion green U-turn shows Starmer doesn’t want UK Inc to go into the red

The Independent  

On Tuesday, Keir Starmer said he was “unwavering” on Labour’s clean power mission: “That’s where the £28bn comes in … we need to borrow to invest to do that; that’s a principle I believe in and I’m absolutely happy to go out and defend.” On Thursday, his line was: “What £28bn?” Abrupt though the final stage was, this has been one of the longest and most signalled U-turns in British political history. Starmer certainly tried, talking about Labour’s “mission” to decarbonise the UK’s electricity supply by 2030. Starmer leaned in Reeves’s direction, advised by Pat McFadden, the shadow cabinet minister in charge of Labour’s election campaign, and Morgan McSweeney, Starmer’s long-time aide. Some of the dismay has come from unexpected quarters, such as John McTernan, Tony Blair’s former political secretary, who said on Newsnight last night: “It’s probably the most stupid decision the Labour Party’s made.” He thought the policy was a “great cause”, that offered a “change from this government” – but it never did because it was just a number.

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History of this topic

Does the chancellor’s ‘efficiency savings’ plan signal a return to austerity?
Trending News
1 week, 6 days ago

Does the chancellor’s ‘efficiency savings’ plan signal a return to austerity?

The Independent  

As a sort of softening-up exercise in advance of next year’s comprehensive, first principles “zero-based” spending review, the chancellor of the Exchequer is taking her self-styled iron fist to government waste. Rachel Reeves, who’s had a busy few weeks, is demanding that her hard-pressed colleagues come up with “efficiency savings” in their annual budgets that will accumulate to an annual …

Careful, Sir Keir – you’re in danger of ‘resetting’ yourself up to fail
2 weeks, 5 days ago

Careful, Sir Keir – you’re in danger of ‘resetting’ yourself up to fail

The Independent  

When Keir Starmer unveils his “plan for change” tomorrow, he will insist he is totally committed to public sector reform. In his autobiography, Blair said his initial emphasis on “standards, not structures” was not enough: “Unless you change structures, you can’t raise standards more than incrementally.” Crucially, Blair enjoyed a growing economy and the healthy public finances Starmer lacks for …

Green investment is a moral obligation – and an industrial opportunity
1 month, 1 week ago

Green investment is a moral obligation – and an industrial opportunity

The Independent  

So often chastised for being cautious to the point of timidity, the prime minister has in recent weeks been uncharacteristically bold. In his speech to the Cop29 meeting in Baku, Sir Keir increased the target for reductions in Britain’s carbon dioxide emissions, and he was right to highlight the “huge opportunity” for Britain to move ahead of other countries in …

DAILY MAIL COMMENT: This was a painful budget - with worse to come
1 month, 3 weeks ago

DAILY MAIL COMMENT: This was a painful budget - with worse to come

Daily Mail  

There are three kinds of lies, said Mark Twain. In her first Budget, Chancellor Rachel Reeves cynically reneged on those promises with a £40billion tax bombshell. Chancellor Rachel Reeves said the country had 'voted for change' and vowed to 'invest' as she mounts one of the biggest raids in history in the Commons Ms Reeves carried out the traditional photo …

This huge Budget gamble by Starmer and Reeves rests on one ambition – economic growth
1 month, 3 weeks ago

This huge Budget gamble by Starmer and Reeves rests on one ambition – economic growth

The Independent  

The most important relationship at the top of British politics is that between a prime minister and their chancellor. Sir Keir has been unstinting in his support for Ms Reeves, most recently in a prelude speech to her Budget, in which he warned the country – and, more pointedly, critics in his own party – that they must “embrace the …

Ailbhe Rea: The Night Before the Budget
1 month, 3 weeks ago

Ailbhe Rea: The Night Before the Budget

Bloomberg  

Rachel Reeves will deliver her budget tomorrow — the first by a Labour government in 14 years, the first in history by a female chancellor, and set to be one of the UK’s biggest ever tax-raising events. As Philip Aldrick writes today in his essential briefing on everything to look for, Reeves has given herself “the seemingly contradictory tasks of …

Reeves ‘risks jump in interest rates’ by rewriting debt rules
2 months, 3 weeks ago

Reeves ‘risks jump in interest rates’ by rewriting debt rules

The Telegraph  

Rachel Reeves’s “opportunistic” attempt to rewrite Britain’s fiscal rules ahead of the Budget risks causing a surge in interest rates, a leading think tank has warned. The Institute of Fiscal Studies said any move to alter the Chancellor’s self-imposed fiscal rules “would not be without risks”, which comes ahead of her maiden Budget in October. However, the IFS warned that …

Reeves insists there are reasons to be optimistic as she encourages investment
3 months ago

Reeves insists there are reasons to be optimistic as she encourages investment

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. In response to questions about Labour figures accepting clothing …

Watch: Chancellor Rachel Reeves questioned on Budget after Keir Starmer admitted it will be ‘painful’
3 months, 2 weeks ago

Watch: Chancellor Rachel Reeves questioned on Budget after Keir Starmer admitted it will be ‘painful’

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Watch as Rachel Reeves and treasury ministers answer questions in parliament …

The real story behind Starmer, Reeves and a very painful Budget...
3 months, 3 weeks ago

The real story behind Starmer, Reeves and a very painful Budget...

The Independent  

Although Sir Keir Starmer appeared to lead from the front in his Downing Street rose garden speech setting out the government’s strategy, his fate is not in his own hands. These Starmer allies wonder whether Labour’s early announcements, such as on planning and housebuilding, will really deliver the government’s top priority of the UK enjoying the highest sustained growth in …

Labour’s borrowing figures aren’t just bad, they’re disastrous for its first Budget
4 months ago

Labour’s borrowing figures aren’t just bad, they’re disastrous for its first Budget

The Independent  

A ritual dance takes place after every economic statistic is issued: regardless of the figures, Labour ministers complain about their economic inheritance, while the Conservatives insist they bequeathed an economy that had turned a corner. Today’s performance came after worse-than-expected official figures showed the government borrowed £3.1bn last month, £1.8bn more than in July last year and the highest July …

ANDREW NEIL: The policies green zealot Ed Miliband is already pursuing will hinder growth, kill jobs and increase fuel bills. One day Starmer will wonder aloud why he ever gave this one-man wrecking b
5 months ago

ANDREW NEIL: The policies green zealot Ed Miliband is already pursuing will hinder growth, kill jobs and increase fuel bills. One day Starmer will wonder aloud why he ever gave this one-man wrecking b

Daily Mail  

Barely a fortnight in power and Keir Starmer is already the master of all he surveys. Ed Miliband, former Labour leader, now self-described 'super-nerd' on climate issues -zealot would be more accurate - but best understood as a one-man wrecking ball, writes Andrew Neil A UK economy, in other words, which bears no resemblance to the basketcase Labour claims to …

How Rachel Reeves is borrowing from George Osborne’s playbook
5 months, 1 week ago

How Rachel Reeves is borrowing from George Osborne’s playbook

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Yet Osborne sold a story of …

New UK government faces tough economic challenge
5 months, 2 weeks ago

New UK government faces tough economic challenge

Hindustan Times  

Britain's new Labour government has pledged immediate action to grow the economy after clinching a landslide election victory to oust the Conservatives, but its task could be hampered by strained state finances following huge Covid expenditures. New UK government faces tough economic challenge The centre-left Labour administration led by Prime Minister Keir Starmer has promised investment in key areas such …

Reeves to reiterate Labour pledge to cut down energy bills
6 months ago

Reeves to reiterate Labour pledge to cut down energy bills

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A Labour government would help …

Reeves signals closer UK-EU trade ties at start of economy-focused campaign week
6 months, 1 week ago

Reeves signals closer UK-EU trade ties at start of economy-focused campaign week

The Independent  

Sign up to our free Brexit and beyond email for the latest headlines on what Brexit is meaning for the UK Sign up to our Brexit email for the latest insight Sign up to our Brexit email for the latest insight SIGN UP I would like to be emailed about offers, events and updates from The Independent. “I don’t think …

Labour's green target 'unachievable' after ditching £28bn pledge, say experts
10 months, 2 weeks ago

Labour's green target 'unachievable' after ditching £28bn pledge, say experts

The Telegraph  

Labour’s target to convert Britain to “clean power” by 2030 has been dismissed by energy sector figures as “unachievable”. The commitment to decarbonising electricity generation by the end of the decade was already considered highly ambitious, but experts said that Sir Keir Starmer’s decision to ditch the party’s £28 billion green investment plan made it all but impossible. Last week, …

After the great U-turn, what exactly is Labour’s green policy now?
10 months, 2 weeks ago

After the great U-turn, what exactly is Labour’s green policy now?

The Independent  

As the smoke clears from the burning rubber of Labour’s U-turn in its plans to deal with the climate crisis, a more robust set of policies has emerged. The party put out a statement on Thursday that said: “As part of the party’s finalisation of policies for a general election campaign, Labour has reconfirmed its commitment to the policies announced …

Labour set to finally abandon £28 billion green investment promise in major U-turn
10 months, 2 weeks ago

Labour set to finally abandon £28 billion green investment promise in major U-turn

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery Sir Keir Starmer said this …

Labour continues to retreat from £28 billion green energy pledge
10 months, 3 weeks ago

Labour continues to retreat from £28 billion green energy pledge

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Shadow Business Secretary …

Reeves refuses to use £28bn figure while defending Labour green plan
10 months, 3 weeks ago

Reeves refuses to use £28bn figure while defending Labour green plan

The Telegraph  

Asked about how she would deal with the “long-term implications” of climate change, she replied: “I totally agree with you that tackling the climate emergency is incredibly important, but so too is securing the good jobs that come from investing in the industries of the future and also the lower bills that will come from investing in renewable home-grown energy. …

Why Keir Starmer’s plan to ‘rewire Britain’ is already coming unstuck
11 months, 1 week ago

Why Keir Starmer’s plan to ‘rewire Britain’ is already coming unstuck

The Telegraph  

Labour’s plan to borrow £28bn a year for the party’s flagship “green prosperity plan” has triggered tensions within Sir Keir Starmer’s frontbench team – and among the energy executives who would have to implement it. Starmer spent much of last week prevaricating over the plan, drawn up with Ed Miliband, which promises to cut domestic and business energy bills, create …

Starmer downplays Labour's £28bn green pledge
11 months, 1 week ago

Starmer downplays Labour's £28bn green pledge

The Telegraph  

Sir Keir Starmer has appeared to downplay the significance of his flagship £28 billion green investment pledge, as he said that “the mission isn’t writing a cheque, the mission is green power by 2030”. Sir Keir then cast further doubt on the pledge last week as he said the money would come from borrowing, adding that if the public finances …

Labour may borrow to invest while following fiscal rules with ‘iron discipline’
1 year, 2 months ago

Labour may borrow to invest while following fiscal rules with ‘iron discipline’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A Labour government would be …

Jeremy Hunt accuses Rachel Reeves of 'fairy tale' economics after Labour conference
1 year, 2 months ago

Jeremy Hunt accuses Rachel Reeves of 'fairy tale' economics after Labour conference

The Telegraph  

Jeremy Hunt has accused Rachel Reeves of peddling “fairy tale” economics after Labour’s shadow chancellor set out her stall to voters in her conference speech. “It is extraordinary that inflation wasn’t mentioned once by Rachel Reeves when it is the biggest challenge facing the British economy,” he said. “Instead, Reeves made it clear Labour will increase borrowing by £28 billion …

Labour would extend windfall tax to prevent rising bills in April – Reeves
1 year, 11 months ago

Labour would extend windfall tax to prevent rising bills in April – Reeves

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “That cannot be right… “We must hold to that …

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