Finance problem for Labour’s ‘green power by 2030’ pledge 

Cost won’t be the only problem, as weather dependency increases with the percentage of renewables in the electricity generation system, alongside the reduction of thermal power plants. Ploughing on with ‘net zero’ type policies in the face of all the costs and risks seems to have broad appeal in UK political circles.
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Ed Balls has predicted that Sir Keir Starmer will ditch Labour’s flagship £28 billion green pledge, says The Telegraph.

The former Labour shadow chancellor said that the party will need to make a “big U-turn” on the figure to shut down the Tory attack line that Labour will be irresponsible with Britain’s finances.

Sir Keir initially pledged to borrow £28 billion annually to fund green projects from year one if the party were to win power, but has repeatedly watered down that commitment over recent months.

A Labour spokesman last week reiterated the party’s commitment to “ramp up to £28 billion of annual investment in the second half of the Parliament”, but clarified that this would have to be “subject to our fiscal rules”.

But Mr Balls has said that the party will have to scrap the number altogether.

Mr Balls, who held the role of shadow chancellor between 2011 and 2015, told the Political Currency podcast that Labour had “tried partial U-turns” on the policy which had not worked.

“They won’t resile from the idea that that’s a way to grow some jobs. They won’t resile from the idea that you can spend now to strengthen the economy in the long term.

“But I think they’ll have to come off this £28 billion number. They’ll have to say the £28 billion number is gone, that it’s ditched or else they can be open to this attack.”

He added: “You need something which looks like a U-turn. And I think that that’s what they’re going to end up doing. They’ve tried partial U-turns. It hasn’t worked. They need a big U-turn.”

Earlier this month, Sir Keir downplayed the £28 billion pledge, telling the BBC that “the mission isn’t writing a cheque, the mission is green power by 2030.

“We are not rowing back on that. That is the absolute mission, the ambition that we are going to do that,” he insisted.

Full article here.