Labour has an ambitious programme to green and grow our economy, from Great British Energy to our National Wealth Fund. I’m pleased that yesterday Labour was able to announce further detail of our Green Prosperity Plan to invest in Britain’s future, kick start growth and deliver clean power by 2030.

As part of the party’s finalisation of policies for a general election campaign, we have reconfirmed our commitment to create jobs, cut bills and unlock investment. The Green Prosperity Plan will be funded by a windfall tax on the oil and gas giants and borrowing to invest within Labour’s fiscal rules. Due to the Conservatives’ crashing the economy and Jeremy Hunt’s plans to max out the country’s credit card, it will not be possible to reach the previous commitment of £28 billion a year, but what we have presented remains a radical package which will drive change across the country.

We will always be candid about what is achievable within the realities of public finances. Following the disaster of Truss’s mini budget, and years of Tory mismanagement, we have had to review our initial plans. Labour is ready to govern and will always level with you on what is affordable, as I told Sky News this morning.

The centrepiece of the package is Great British Energy, a publicly owned energy company to take back control of the energy system on behalf of the British people, headquartered in Scotland. I am excited that Great British Energy will be given an ambitious initial capitalisation of £8.3 billion in the next Parliament, which includes the £3.3 billion already announced for the party’s Local Power Plan, to invest in clean homegrown power generation that can cut bills for families, create jobs across the country, and end the energy insecurity worsened by inaction from the Conservatives.

A driving motivation for Great British Energy will be the need to emulate the success of other European countries and have our own domestic champion, building it in Britain. Great British Energy will invest in leading-edge clean energy technologies such as floating offshore wind, hydrogen, carbon capture and storage, and tidal. It will help get capital-intensive projects over the line, for example by ending a decade of drift on nuclear power under the Conservatives. And it will put profits into the pockets of working people and communities, to deliver Labour’s Local Power Plan.

Alongside this, Labour’s National Wealth Fund will help to create up to half a million jobs in Britain’s industrial heartlands, giving opportunities to plumbers, electricians, welders, and workers in every single nation and region of the country. This policy will crowd in billions of additional private investments, providing a significant boost to Britain’s steel, automotive, energy, and, especially important for areas like ours, manufacturing industries.

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