Labour’s green investment plan slashed

Sir Keir Starmer has announced a reduction in the Green Prosperity Plan budget, slashing it from £28 billion annually to less than £15 billion

Labour leader Sir Keir Starmer has unveiled revisions to the party’s green investment strategy, cutting back on spending commitments originally proposed.

The Institute for Fiscal Studies has calculated that Labour’s revised plan will allocate approximately £24 billion less over four to five years compared to the initial proposal of around £50 billion extra expenditure.

Instead, the party aims to allocate £23.7 billion over the next parliamentary term, equating to an average annual spending of £5 billion.

The scaled-back approach includes delays to the Warm Homes Plan, a £6 billion initiative aimed at enhancing energy efficiency, with upgrades for five million homes postponed beyond the initial timeline.

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