Labour 'already watering down major green spending commitments'

The party had already diluted its initial plans for an immediate investment of £28 billion per year in green projects, revising proposals to reach that level by the middle of the next parliamentary term, if they form the next government.

Now Labour sources in the Financial Times have cast further doubt on the figure.

The paper reported that senior party figures had admitted the £28bn per year level may not be reached for five years – with others refusing to confirm any numbers at all.

Other Labour figures have signalled the £28bn annual figure would include existing Government capital spending on green projects, which experts have estimated chopped off around £8bn from Labour’s plans per year.

It comes amid criticism from the Conservatives that Labour’s spending plans would put unbearable extra pressure on public finances – attack lines it’s thought Keir Starmer’s team are keen to dodge.

'Labour won't commit to a number' 

One Labour source told FT: “We wouldn’t put a number on it now because we need to see the final books after the election.”

The party was quoted as saying: “We have said that we will ramp up to £28bn of investment in the second half of the parliament.

“Government spending is chopping and changing in this area all the time.

“It will only be possible to finalise our plans once we know what projects we will inherit and the state of the public finances.”

Starmer used his keynote conference speech on Tuesday to say Labour would “speed ahead” with reaching the net zero carbon emissions by 2050.

Rachel Reeves (above), the shadow chancellor, revealed on Monday during an interview with the BBC that the party’s plans were “not all additional money” and said the Tory government was already spending money on green infrastructure.

The Institute for Fiscal Studies think tank recently said the Tories had already planned to spend around £8bn per year on capital projects to reduce emissions for 2024-25.

READ MORE: Keir Starmer makes direct pitch to Tory voters to join Labour

Labour have blamed the rising cost of borrowing for the dilution of its plans and the party's spending proposals must meet Reeves's fiscal rules, which ban uncosted spending.

Their proposals include borrowing to invest in low-carbon energy projects, the decarbonisation of heavy industry and a mass home insulation programme.

'Can't be trusted' 

But the SNP have said the steady trimming of the figure meant voters could not “trust them to act in the best interests of the planet in government”.

Dave Doogan, the party’s energy and net zero spokesperson, said: “It doesn’t get much more complacent than this from Labour, on both their General Election prospects and on the need for significant climate action.

“With Downing Street now in his sights Keir Starmer is already rolling back on the promises he’s made, with green spending just another casualty in Labour’s breath-taking U-turn and broken pledge record.

“If this is the way they’ll behave in opposition, how can anyone trust them to act in the best interests of the planet in government?

“Climate complacency and setbacks from the Westminster parties have come at a heavy cost to Scotland’s energy sector, holding us back from becoming a green global leader.

“And Westminster’s cutbacks, delays, and refusal to match the Scottish Government’s £500 million just transition investment continues to hinder Scotland’s efforts to halt and reverse climate catastrophe.

“Starmer has proven himself to be no different to the Tories who’ve forced so much harm onto our energy sector and climate, showing exactly why we need full energy independence for Scotland.”