will tomorrow [Monday 17
June] kick start a week of campaigning on the economy as she vows
to create 650,000 new jobs to ‘make Britain better off'.
The Shadow Chancellor will pledge to invest £7.3 billion in a new
National Wealth Fund to create hundreds of thousands of good
well-paying jobs in Britain's industrial heartlands.
The Fund will be a central plank of Labour's Green Prosperity
Plan that will bring investment back to Britain. Reeves will
announce a target for the Fund to unlock business investment,
with every £1 invested unlocking at least £3 from the private
sector.
The Green Prosperity Plan will help to re-industrialise the UK
with 650,000 good jobs for plumbers, electricians, engineers and
technicians created in the next five years across the country –
the equivalent to 350 new jobs created a day.
Under Labour's plans the National Wealth Fund will invest:
- £1.8 billion to upgrade ports and build supply chains across
the UK
- £1.5 billion in new gigafactories so our automotive industry
leads the world
- £2.5 billion to rebuild Britain's steel industry
- £1 billion to accelerate the deployment of carbon capture
- £500 million to support the manufacturing of green
hydrogen
In March, Reeves announced the appointment of a new task force of
experts to provide advice to the Labour Party on how to implement
its National Wealth Fund, including the former Governor of the
Bank of England Mark Carney. The Shadow Chancellor will confirm
today that the Taskforce will be asked to report back shortly
after the general election to support a future Labour
government.
, Labour's Shadow
Chancellor, said:
“Labour's plan for growth is about making Britain better off,
with good jobs paying a decent wage being created right across
the United Kingdom.
“The election on 4 July is a chance to deliver on that plan and
to turn our economy around after 14 years of Conservative
decline. The next Labour government will work hand in hand
with the private sector to bring investment to Britain's
industrial heartlands and I have been clear that
our National Wealth Fund will be a crucial tool
in the armoury to deliver on this ambition.
“This election is about change: stability with a changed Labour
Party that will make you better off or five more years of chaos
from the Conservatives that will mean £4,800 more on your
mortgage.”
Ends
Notes:
Labour's Green Prosperity Plan will create good new jobs
across the country:
Regional totals
Clean Power/ NWF
Warm Homes Plan
North East
27,000
8,000
35,000
North West
54,000
23,000
77,000
Yorkshire and the Humber
53,000
18,000
71,000
East Midlands
31,000
15,000
46,000
West Midlands
31,000
19,000
50,000
Eastern
38,000
18,000
56,000
London
46,000
22,000
68,000
South East
52,000
25,000
77,000
South West
44,000
17,000
61,000
Scotland
53,000
16,000
69,000
Wales
19,000
10,000
29,000
Northern Ireland
12,000
5,500
17,500
Total
460,000
196,500
656,500
National total
656,500
