Labour unveils state-backed fund to give Brits a stake in green investments

Labour will pour billions of pounds into green energy projects under a new scheme to give taxpayers a stake in renewable investments.

In a speech on Monday, Shadow Chancellor Rachel Reeves will unveil plans to fire up British industry by setting up a state-owned investment fund to let the Government in projects from battery factories to renewable ready ports.

The new National Wealth Fund would invest £8.3 billion over 10 years to fund a string of major climate-friendly projects, such as battery factories, clean steel plants and renewable-ready ports.

Modelled on schemes in countries like Norway and Singapore, the idea is that 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.

In a swipe at the Tories, Ms Reeves is expected to argue the policy is a “real plan for growth” and a “real plan for levelling up”.

Ms Reeves will tell delegates: “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.”

In a swipe at the Tories, she will add: “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.”

Labour’s plan would also see the investment deployed in every region across 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.

Shadow Climate Change Secretary Ed Miliband 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.”

He added: “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.”