will today pledge that Labour’s Green Prosperity
Plan will be a British version of President Biden’s Inflation
Reduction Act - investing in good, clean energy jobs that will
rebuild Britain’s economy.
Following on from 's recent announcement that a
central mission of the next Labour government will be to make
Britain a clean energy superpower, Miliband will set out how
Labour's Green Prosperity Plan will deliver a multi-billion
investment by government and businesses to drive jobs in green
industries, anchored by the commitment to GB Energy, Labour’s
publicly owned energy generation company.
The United States’ Inflation Reduction Act is reshaping green
industry around the world, with game-changing investment in new
green investment and jobs. Britain is recognised to have the
natural assets and industrial heritage to play a major part in
green industries, but following inaction from the Conservatives,
a number of senior business leaders are warning that the UK is in
danger of falling behind and missing out.
Speaking to an audience of leading businesses and experts,
Miliband will describe the risk to British jobs if the UK
continues with current policy by saying:
'“What we have seen from the UK government is the actions of a
group of people caught in the headlights. dismisses the Inflation
Reduction Act as “protectionist”. Our current Energy Secretary
calls it “dangerous”. The
Chancellor dismisses it too.
“I profoundly disagree with this approach. As the US and Europe
speed off into the distance in the global race for green
industry, we are sitting back in the changing rooms moaning about
the rules. Sore loser syndrome won’t win any jobs for Britain.
“We need to stop moaning about the Inflation Reduction Act and
start matching its ambition.
“Of course, we must remain an open economy, welcoming foreign
investment and goods. Not everything in the green economy could
or should be produced here. But we are not neutral about where
things are built.
“Joe Biden wants the future Made in America. We want the future
Made in Britain.”
Miliband will set out how Labour will provide the partnership,
investment and certainty that businesses need to invest in the
UK, and how, with this approach, Britain can win the global race
for good jobs:
“Now some people, not just in government, will say we cannot
compete with Inflation Reduction Act. How, they say, can we
compete with the United States with its population five times
ours and its huge financial firepower? And throw in the EU and
China and they say we need to get real.
“But such defeatism is not just pessimistic but plain wrong.
“It misunderstands the reality of the scale of the opportunity
presented by the biggest transformation of the global economy in
300 years. And it deeply misunderstands our unique potential as a
country to compete and win in this green revolution that has
begun.”
And he will set out the key elements of Labour’s response to the
Inflation Reduction Act:
“2030 zero carbon power to cut bills, provide energy security,
create jobs, tackle the climate crisis and give clarity to
investors.
“Action to break down the barriers in planning and grid,
including a net zero mandate for every key regulator
“A new national wealth fund to invest in partnership with the
private sector
“GB energy, our new publicly owned energy company.”
Responding to those who say that Britain cannot succeed in green
industries, he will point to legacy of the last Labour government
in putting the UK at the forefront of the global transition, and
to the UK’s natural advantages in clean energy:
“In the world which is coming, it is no exaggeration to say wind
power will be what coal was for previous generations.
“Our island status and the North and Celtic Seas give us a unique
position therefore.”
He will emphasise the importance of Labour's landmark commitment
to establish GB Energy, a new publicly owned energy company, and
challenge those who say that Britain cannot be ambitious:
“This country needs change. GB energy is a vital part of this
change.
“Every real leader in zero carbon power has a national champion:
EDF in France, Statkfraft in Norway, Orsted in Denmark,
Vattenfall in Sweden.
“It’s time we had ours.
“In years to come, it will seem absurd that Britain had no public
clean energy champion to deliver jobs and wealth as so many of
our competitors do. A Labour government will and it will have a
clear mission: to build clean energy and do it in Britain.”
Mr Miliband’s speech comes before the government’s fifth energy
relaunch in two and a half years and just days before a legal
deadline for the UK government to update its Net Zero Strategy.
The High Court decided last year that the strategy was unlawful,
with a lack of specific policies to demonstrate how the UK would
meet its climate targets.
