This capitalisation will also enable Great British E to accelerate nuclear projects and to position the UK as a world leader in floating offshore wind. Labour remains committed to investing £7.3bn in its National Wealth Fund, investing in every region and nation in the UK. This will deliver an additional £2.5bn in our steel industry on top of the £500m the government has committed, all of the money will be available in the next Parliament; £1.8bn to upgrade ports so that they are renewable-ready; £1.5bn investment in gigafactories to support our automotive industry; £1bn to decarbonise carbon-intensive heavy industry; and investing up to £500m investment in green hydrogen manufacturing. In addition Labour is recommitting to a £500m a year British Jobs Bonus so that British suppliers are favoured in the production of renewable energy.
Usdaw General Secretary Paddy Lillis said:
“Making energy cheap and secure will be a priority for a Labour Government, and this is critical for Usdaw members who are mainly working in low paying industries and are disproportionately impacted by rising fuel bills. We welcome Keir Starmer’s commitment to go much further than the Conservatives and invest in our energy infrastructure. However, we know that Tory mismanagement, including the disastrous mini-Budget by Liz Truss in 2022, has wrecked our economy. We also know that a new Labour Government would be left to pick up the pieces. As a result, Labour has been forced to re-evaluate its position on the £28 billion commitment. It is right that Keir Starmer has been open and honest about the appalling state in which the public finances have been left and the difficult decisions that will need to be made.”
Notes for editors:
Usdaw (Union of Shop, Distributive and Allied Workers)
is one of the fastest growing unions in the TUC and the UK's fifth biggest trade union with around 360,000 members. Most Usdaw members work in the retail sector, but the union also has many members in transport, distribution, food manufacturing, chemical industry and other trades www.usdaw.org.uk
For Usdaw press releases visit: http://www.usdaw.org.uk/news
and you can follow us on Twitter @UsdawUnion