Sir Keir Starmer is set to scale back Labour's green pledge on Thursday (Image: Getty)
Sir Keir Starmer is set to confirm on Thursday that Labour is scaling back a ￡28 billion green investment pledge following weeks of uncertainty.
The Labour leader will announce the latest u-turn despite insisting for weeks that he intended to meet the commitment.
Sir Keir used the ￡28 billion figure during an interview just this week.
He said: “We want to have clean power by 2030...that’s where the ￡28 billion comes in, that investment that is desperately needed for that mission.”
Powered By
00:00/01:00
10
10
WICKED first look
Share
Next
Stay
Stay up-to-date with the latest Politics news Join us on WhatsApp Our community members are treated to special offers, promotions, and adverts from us and our partners. You can check out at any time. More info
Labour originally promised in 2021 to invest ￡28 billion a year until 2030 in green projects if it won the next election.
But last year the party said the figure would instead be a target to work towards in the second half of a first parliament.
Shadow Chancellor Rachel Reeves previously said Labour would be prepared to borrow to invest but only within her fiscal rules.
Labour sources said last week that the pledge was now “dead”, an assessment that was bolstered by comments by Darren Jones, the shadow chief secretary to the Treasury, that the target would now “move around”.
Trending
Chief Secretary to the Treasury Laura Trott said: “This is a serious moment which confirms Labour have no plan for the UK, creating uncertainty for business and our economy. On the day that Labour are finalising their manifesto, Keir Starmer is torpedoing what he has claimed to be his central economic policy purely for short-term campaigning reasons.
“He must explain how he can keep the ￡28 billion spending when he is finally admitting he doesn’t have a plan to pay for it.
“This black hole will inevitably mean thousands of pounds in higher taxes for working people. That’s why Labour will take Britain back to square one.”
Become an Express Premium member Support fearless journalism Read The Daily Express online, advert free Get super-fast page loading
Start 30-day
FREE trial
Chancellor Jeremy Hunt has said that income tax would need to rise by four per cent to fund Labour’s ￡28 billion green spending pledge.
He also claimed that an alternative approach to increase spending by ￡28 billion while sticking to fiscal rules would involve increasing corporation tax by eight per cent.
Ms Reeves last week repeatedly refused to set out whether she is standing by the ￡28 billion-a-year figure, casting further uncertainty on whether the spending pledge would be kept.
Last month, Labour sought to kill off a report the target had been abandoned by saying it was “committed” to ramping up the investment “subject to our fiscal rules”.
Asked about the pledge in an interview aired on Tuesday, Sir Keir told Times Radio: “We’re going to need investment, that’s where the ￡28 billion comes in. That investment that is desperately needed for that mission.”
DON'T MISS
Powered by
Labour MP squirms in 'car crash' Kay Burley interview over party's latest 'flip-flopping'
114 Comments
Rachel Reeves refuses 10 times to say if Labour is sticking with ￡28 billion green splurge
415 Comments
BBC Breakfast fans 'switch off' over Charlie Stayt's 'awful' habit during heated debate
4 Comments
Rishi Sunak's tax bill rises by eye-watering amount as PM publishes financial details
112 Comments
Let's be relieved Keir Starmer's big ￡28bn green plan is dead
18 Comments
Great British pubs given tax relief with freeze on alcohol duty until August
65 Comments
HMRC and Bank of England gave contracts to Fujitsu despite Horizon scandal
25 Comments
Keir Starmer officially ditches Labour's flagship ￡28bn policy in humiliating U-turn
551 Comments
Michael Gove brands Keir Starmer ‘political jellyfish' as Tories unite over Labour U-turn
821 Comments
Martin Lewis warns 'millions' are overpaying tax - how to check if you're owed money
7 Comments
The beautiful little islands 'owned by Britain' where no one has to pay tax
10 Comments
HMRCs inheritance tax investigation hunting down those who have not paid
9 Comments
Keir Starmer's 15 biggest U-turns - from ￡28bn green pledge to Brexit and Lords reform
266 Comments
Building Society increases interest on online ISA to 'excellent' 5.05%
2 Comments
Michael Gove admits he is in Treasury 'dog house' over spending
26 Comments
Sir Keir Starmer's green plan risks landing families with ￡1,400 tax bombshell
522 Comments
Labour civil war brews over ￡28b pledge on green policies
296 Comments
Rachel Reeves squirms as BBC host skewers her over screeching Labour U-turn
452 Comments
'This did not age well': Ed Miliband humiliated over tweet after huge Labour U-turn
426 Comments
Labour's green plans will skyrocket to ￡35 billion a year
72 Comments
Labour MP squirms in 'car crash' Kay Burley interview over party's latest 'flip-flopping'
114 Comments
Rachel Reeves refuses 10 times to say if Labour is sticking with ￡28 billion green splurge
415 Comments
BBC Breakfast fans 'switch off' over Charlie Stayt's 'awful' habit during heated debate
4 Comments
Rishi Sunak's tax bill rises by eye-watering amount as PM publishes financial details
112 Comments
Let's be relieved Keir Starmer's big ￡28bn green plan is dead
18 Comments
Great British pubs given tax relief with freeze on alcohol duty until August
65 Comments
HMRC and Bank of England gave contracts to Fujitsu despite Horizon scandal
25 Comments
Keir Starmer officially ditches Labour's flagship ￡28bn policy in humiliating U-turn
551 Comments
Michael Gove brands Keir Starmer ‘political jellyfish' as Tories unite over Labour U-turn
821 Comments
Martin Lewis warns 'millions' are overpaying tax - how to check if you're owed money
7 Comments
The beautiful little islands 'owned by Britain' where no one has to pay tax
10 Comments
HMRCs inheritance tax investigation hunting down those who have not paid
9 Comments
Keir Starmer's 15 biggest U-turns - from ￡28bn green pledge to Brexit and Lords reform
266 Comments
Building Society increases interest on online ISA to 'excellent' 5.05%
2 Comments
Michael Gove admits he is in Treasury 'dog house' over spending
26 Comments
Sir Keir Starmer's green plan risks landing families with ￡1,400 tax bombshell
522 Comments
Labour civil war brews over ￡28b pledge on green policies
296 Comments
Rachel Reeves squirms as BBC host skewers her over screeching Labour U-turn
452 Comments
'This did not age well': Ed Miliband humiliated over tweet after huge Labour U-turn
426 Comments
Labour's green plans will skyrocket to ￡35 billion a year
72 Comments
Labour MP squirms in 'car crash' Kay Burley interview over party's latest 'flip-flopping'
114 Comments
Rachel Reeves refuses 10 times to say if Labour is sticking with ￡28 billion green splurge
415 Comments
BBC Breakfast fans 'switch off' over Charlie Stayt's 'awful' habit during heated debate
4 Comments
Rishi Sunak's tax bill rises by eye-watering amount as PM publishes financial details
112 Comments
Let's be relieved Keir Starmer's big ￡28bn green plan is dead
18 Comments
Great British pubs given tax relief with freeze on alcohol duty until August
65 Comments
HMRC and Bank of England gave contracts to Fujitsu despite Horizon scandal
25 Comments
“You can only understand the investment argument by understanding that we want to have clean power by 2030… We need to borrow to invest to do that.
“That’s a principle I believe in and I’m absolutely happy to go out and defend. And of course, what we’ve said as we’ve got closer to the operationalisation of this, is it has to be ramped up, the money has to be ramped up, the ￡28 billion et cetera, and everything is subject to our fiscal rules.”
He said he had “been unwavering in relation to the mission – clean power by 2030”.
Related articles Keir Starmer slapped down with humiliating fact check over latest woke policy Archbishop Welby savaged for ‘scamming’ taxpayers over Christian conversions Labour's green plans will skyrocket to ￡35 billion a year Kemi Badenoch blasts Sir Keir Starmer’s ‘shameful’ PMQs trans attack Keir Starmer 'running scared' of anti-Israel mob as he pulls out of event