Skip to main content

Portsmouth MP says Labour’s Green Prosperity Plan will create jobs, cut bills and deliver clean power by 2030

By 9 February 2024No Comments

City MP Stephen Morgan has said Labour’s Green Prosperity Plan will create jobs, cut bills and unlock investment for people in Portsmouth and across the country.

As part of the party’s finalisation of policies for a general election campaign, Labour this week reconfirmed its commitment to the policies announced through the Green Prosperity Plan to kick start growth and deliver clean power by 2030.

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. 

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 UK’s energy insecurity under the Conservatives.

The party also confirmed that, due to the Conservatives’ crashing the economy and Jeremy Hunt’s plans to ‘max out’ the country’s credit card, it would not be possible to reach the previous commitment of £28 billion a year.

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.

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 investment, providing a significant boost to Britain’s steel, automotive, energy, and manufacturing industries.

Commenting on the Green Prosperity Plan, Portsmouth MP Stephen Morgan said:

“Our country has the potential to be a clean energy superpower, but thanks to the Conservatives, we have squandered Britain’s advantage in clean energy, while leaving us exposed with our energy supply no longer in our hands.

“That means we don’t control our own destiny and the impact of this in recent years have been devastating for the finances of ordinary families, whilst oil and gas giants have made record profits.

“However, it’s not too late to turn the tide. Through the next Labour Government’s Green Prosperity Plan, we will take control of our energy system to deliver clean, homegrown power by 2030 – reducing people’s bills while making our country a world leader in tackling the climate crisis.”

Keir Starmer, Leader of the Labour Party, said: 

“I have changed the Labour Party to put it back in the service of working people. Our Green Prosperity Plan is about turning a corner on fourteen years of Conservative decline and investing in Britain’s future. It is a plan for more jobs, more investment and cheaper bills. It’s a plan to get our country’s future back.”

Rachel Reeves, Labour’s Shadow Chancellor of the Exchequer, said: 

“Labour is ambitious for Britain’s future. There is a global race taking place in the jobs and industries of the future, and we are determined to lead it. All the Conservatives are offering the country is five more years of economic failure that will leave working people worse off. Labour has a plan to invest and to get Britain’s future back.”

Ed Miliband, Labour’s Shadow Secretary of State for Energy Security and Net Zero, said: 

”Labour will be fighting the election with a world-leading agenda on climate and energy with every single individual policy already announced now confirmed for the manifesto: Great British Energy, a National Wealth Fund, a Warm Homes Plan, a British Jobs Bonus, a Local Power Plan and no new oil and gas licences as well as our 2030 clean power mission.”