Shadow chancellor will ‘make no apologies’ for axing £28bn pledge
Rachel Reeves said she will “make no apologies” for tearing up Labour’s flagship £28 billion green investment pledge as she claimed the party would inherit a “bleak” economic picture from the Tories.
The shadow chancellor claimed Labour had no choice but to ditch the spending figure because of the “damage the Conservatives have done to our economy”.
She told the BBC Breakfast programme: “I’ll make no apologies for ensuring that our plan is fully costed, fully funded and deliverable within the inheritance we are going to get and it is going to be a bleak inheritance after the damage the Conservatives have done to our economy.”
Sir Keir Starmer and Ms Reeves announced yesterday that they were slashing the spending commitment by more than 80 per cent, prompting a backlash from Labour MPs and some unions.
They drastically downgraded the energy policy to just £4.7 billion a year after admitting it was unaffordable.
Reeves insists she will still be ‘first green chancellor’ despite £28bn U-turn
Rachel Reeves insisted she will still be the UK’s “first green chancellor” despite tearing up Labour’s flagship £28 billion investment pledge.
Ms Reeves originally made the statement during her speech at Labour Party conference in 2021.
She was challenged this morning on whether it would still be possible to claim such a title given she and Sir Keir Starmer have radically downgraded the party’s green investment plans.
She told BBC Breakfast: “I am absolutely going to be the first green chancellor.”
Ms Reeves was challenged and was told that she could not have it “both ways” given the £28 billion figure has now been ditched.
She replied: “I am not going to make any apologies for making sure that our plans are consistent with the fiscal rules that I have set out, that they are responsible and achievable.
“And the truth is no one foresaw the damage that the Conservatives were going to do with the mini-Budget which crashed the economy, sent interest rates soaring…”