Labour is planning on pledging to build British industry through the use of a state-owned investment fund- and they announced this on the second day of the party’s conference, held in Liverpool City Region.
The party is expected to unveil a pledge which plans to set up a national wealth fund in order to invest in green projects which will benefit both businesses and the public. This comes as an answer to the latest news of the Conservative party’s tax-cutting approach.
"In a clear break from the Conservatives' belief in 'trickle down economics' Labour has outlined the importance of sustainable growth and bolstered employment rights to economic prosperity… While the Conservatives are dusting off the same tired old policies that got us into this mess, Labour is looking to the future. Businesses and workers want a partner in government that can offer certainty, bringing with it the confidence to invest in Britain.”
The plans come from similarly set up national wealth funds found in Norway and Singapore. The industry building fund will start with an initial £8 billion investment earmarked for green projects.
The proposed pledge comes in the form of a policy, which would showcase investments in industries such as battery factories and clean steel plants. Specifically, the party projects to include 8 new battery factories, 6 clean steel plants, 9 renewable-ready ports, the world’s largest hydrogen electrolyser plant and net-zero industrial clusters in every region of the UK. The importance of these investments is that, whilst using the proposed national wealth fund, British residents will own a share of the wealth gained and benefit from the return on investment.
Shadow Secretary, Reeves, is expected to announce the following: "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. Secure, skilled jobs for plumbers, electricians, and joiners, for designers, scientists, and engineers.
"Wealth that will flow back into your community and on to your high street. Wealth that the British people will own a stake in. Wealth that is invested in our country's future."
This will be on top of plans to follow through with the ongoing commitment to make Britain a net zero economy.