Rachel Reeves has declared that Labour’s plan for growth is “about making Britain better off” ahead of the reannouncement of the party’s pledge to create 650,000 new jobs through its green investment plans.
The Shadow Chancellor will on Monday kick off a week of campaigning on the economy, reiterating Labour’s plans to invest £7.3bn in a new national wealth fund to create hundreds of thousands of good jobs across the country.
Labour described the fund as a “central plank” of its green prosperity plan, its strategy to invest in the “industries of the future”. The party said its green prosperity plan would “help to reindustrialise” the UK, creating 650,000 good jobs in the next five years across the country – the equivalent of 350 new jobs each day.
READ MORE: ‘Labour’s manifesto points to a surprisingly radical agenda for government’
The party has broken down the pledged 650,000 new jobs by region. The regions in which the most jobs would be created are the North West and the South East at 77,000, followed by Yorkshire and the Humber on 71,000.
The investment plans set out alongside the announcement have been previously unveiled, with the party recommitting to the national wealth fund investing:
- “£1.8bn to upgrade ports and build supply chains across the UK.
- “£1.5bn in new gigafactories so our automotive industry leads the world.
- “£2.5bn to rebuild Britain’s steel industry.
- “£1bn to accelerate the deployment of carbon capture.
- “£500m to support the manufacturing of green hydrogen.”
Reeves 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.”
READ MORE: Survation MRP poll: Labour projected to win 262-seat majority and Tories 72 seats
Reeves is expected to confirm on Monday that the taskforce advising the party on how to implement the national wealth fund will be asked to report back “shortly” after the election. The taskforce, announced in March, includes former Bank of England governor Mark Carney.
Labour has previously said that the fund will have a target of attracting £3 of private investment for every £1 of public investment.
Find out more through our wider 2024 Labour party manifesto coverage so far…
OVERVIEW:
Manifesto launch: Highlights, reaction and analysis as it happened
Full manifesto costs breakdown – and how tax and borrowing fund it
The key manifesto policy priorities in brief
Manifesto NHS and health policies – at a glance
Manifesto housing policy – at a glance
Manifesto Palestine policy – at a glance
Manifesto immigration policies – at a glance
ANALYSIS AND REACTION:
‘The manifesto’s not perfect, but at the launch you could feel change is coming’
IPPR: ‘Labour’s manifesto is more ambitious than the Ming vase strategy suggests’
Socialist Health Association warns Labour under-funding risks NHS ‘decline’
‘The manifesto shows a new centrism, with the state key driving growth’
Fabians: ‘This a substantial core offer, not the limit of Labour ambition’
‘No surprises, but fear not: Labour manifesto is the start, not the end’
‘What GB energy will do and why we desperately need it’
‘Labour’s health policies show a little-noticed radicalism’
GMB calls manifesto ‘vision of hope’ but Unite says ‘not enough’
IFS: Manifesto doesn’t raise enough cash to fund ‘genuine change’
Watch as Starmer heckled by protestor with ‘youth deserve better’ banner
POLICY NEWS:
Labour vows to protect green belt despite housebuilding drive
Manifesto commits to Brexit and being ‘confident’ outside EU
Labour to legislate on New Deal within 100 days – key policies breakdown
Labour to give 16-year-olds right to vote
Starmer says ‘manifesto for wealth creation’ will kickstart growth
Read more of our 2024 general election coverage here.
If you have anything to share that we should be looking into or publishing about this or any other topic involving Labour or about the election, on record or strictly anonymously, contact us at [email protected].
Sign up to LabourList’s morning email for a briefing everything Labour, every weekday morning.
If you can help sustain our work too through a monthly donation, become one of our supporters here.
And if you or your organisation might be interested in partnering with us on sponsored events or content, email [email protected].
More from LabourList
Could Labour take ‘non-battleground’ Tory seats across the South West?
Labour candidate Kevin Craig suspended after betting he would lose the election
Starmer reveals his favourite TV show and election’s impact on family life