Labour’s pledge to invest £7.3 billion in a new National Wealth Fund will create over 70,000 new jobs in the South East of England.
Stephen Morgan, Labour’s candidate for Portsmouth South, said the Fund will create good green jobs in Portsmouth and allow taxpayers to reap the benefits of economic growth.
The Fund will be a central plank of Labour’s Green Prosperity Plan that will bring investment back to Britain.
Under Labour’s plans the National Wealth Fund will invest:
- £1.8 billion to upgrade ports and build supply chains across the UK
- £1.5 billion in new gigafactories so our automotive industry leads the world
- £2.5 billion to rebuild Britain’s steel industry
- £1 billion to accelerate the deployment of carbon capture
- £500 million to support the manufacturing of green hydrogen
The Green Prosperity Plan will help to re-industrialise the UK with 650,000 good jobs for plumbers, electricians, engineers and technicians created in the next five years across the country – the equivalent to 350 new jobs created a day.
In March, Labour’s Shadow Chancellor Rachel Reeves announced the appointment of a new task force of experts to provide advice to the Labour Party on how to implement its National Wealth Fund, including the former Governor of the Bank of England Mark Carney. The Shadow Chancellor will confirm today that the Taskforce will be asked to report back shortly after the general election to support a future Labour government.
Labour today announced a target for the Fund to unlock business investment, with every £1 invested unlocking at least £3 from the private sector.
Labour candidate for Portsmouth South, Stephen Morgan said:
“Businesses in Portsmouth tell me they have been hampered for too long by a government that does not work with them, and we see a lack of investment in our city as a result.
“Labour will address this long-standing problem by using every possible lever, including through a National Wealth Fund to attract private investment to our city.
“This plan will create good green jobs across our region and would mean Portsmouth taxpayers can reap the benefits of economic growth.”
Rachel Reeves, Labour’s Shadow Chancellor, said:
“Labour’s plan for growth is about making Britain better off, with good jobs paying a decent wage being created right across the United Kingdom.
“The election on 4 July is a chance to deliver on that plan and to turn our economy around after 14 years of Conservative decline. The next Labour government will work hand in hand with the private sector to bring investment to Britain’s industrial heartlands and I have been clear that our National Wealth Fund will be a crucial tool in the armoury to deliver on this ambition.
“This election is about change: stability with a changed Labour Party that will make you better off or five more years of chaos from the Conservatives that will mean £4,800 more on your mortgage.”
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