Ahead of her speech at Labour party conference, Shadow Chancellor
today sets out the party’s
mission to “build British industry”, investing in homegrown
projects from battery factories to renewable ready ports.
The projects will be funded by a National Wealth Fund, with the
party’s Green Prosperity Plan (announced last conference) putting
an initial £8 billion into a central pot to build British
industry.
That means when public money is spent on these projects, the
British people will own a share of that wealth, and benefit from
the returns on those investments.
Alongside private investment, that financing means shovels in the
ground for UK projects including eight new battery factories, six
clean steel plants, nine renewable-ready ports, the world’s
largest hydrogen electrolyser plant and net-zero industrial
clusters in every region of the country.
Labour’s plan will build British industries in every region of
the UK – with the plan for offshore wind alone injecting
investment into nine clusters: Forth and Tay, Humber, East
Anglia, Solent, North West and North Wales, Belfast Harbour,
North East Scotland, North East England and the Celtic Sea.
Speaking at Labour conference in Liverpool, is expected to say:
“Here is the deal:
“The next Labour Government will create a National Wealth Fund so
that when we invest in new industries, in partnership with
business the British people will own a share of that wealth and
the taxpayer will get a return on that investment.
“Because conference, when I say I want to buy, make and sell more
in Britain I mean it.
“What you will see in your town, in your city, under Labour is a
sight we have not seen often enough in our country:
“Cranes going up, shovels in the ground.
“The sounds and sights of the future arriving.
“Secure, skilled jobs for plumbers, electricians and joiners for
designers, scientists and engineers.
“Wealth that will flow back into your community and onto your
high street.
“Wealth that the British people will own a stake in.
“Wealth that is invested in our country’s future.
“That is a real plan for the climate.
“That is a real plan for growth.
“That is a real plan for levelling up.
“A zero carbon economy – made right here… made in Britain.”
Shadow Secretary of State for Climate Change and Net
Zero, said:
“It is time to take back control of Britain’s economic destiny by
making sure that we build the industries of the future in our
towns and cities. An economy by the many for the many.”
“The Conservatives have let good jobs go overseas, and watched
our industries lose out as other countries get ahead in the
global race. ”
“We say no more. Labour’s National Wealth Fund is based on a
simple idea: that it is time to invest and build the wealth for
this country, so we can lead the world in industries such as
hydrogen, electric vehicles, green steel and offshore wind.”
“This is about good jobs that pay well, with strong trade unions,
and with money that flows back into the pockets of the British
people. ”
