Tackling climate change has not held Britain back but it has not unleashed its economy either. If elected, the Labour Party hopes to change this. It has set itself a mission for the entire power sector to be zero-carbon by 2030
The Labour Party hopes to change this. If it wins the next election it has pledged to invest £28bn ($35bn; 1.3% of, the shadow chancellor of the exchequer, has outlined a long spending list, covering everything from gigafactories and wind turbines to tree-planting schemes and home insulation. A new state-owned energy company, meanwhile, would help a Labour government to achieve one of the five missions it has set for itself: for the entire power sector to be zero-carbon by 2030.
On its own, spending more will not improve Britain’s economic performance. With high inflation and near-full employment, the country does not need additional government stimulus. The Bank of England would raise rates to offset the inflationary pressures of a green splurge. Instead the policy will stand or fall depending on whether the spending can be targeted to improve the productive capacity of the economy.
Britain will struggle to compete with America directly to attract investment. It has neither the existing manufacturing base nor the ability to offer larger subsidies, points out Andrew Sissons of Nesta, another think-tank. Engaging in “beauty contests” of subsidies and tax breaks to attract industry to locate in Britain instead of the larger markets of theand America risks spending a lot of government money for very little payback.
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Rebecca Steer death: Killer driver only trying to frighten, jury hearsStephen McHugh, who admits manslaughter, tells his trial he hit Rebecca Steer in a 'moment of stupidity'.
Lire la suite »
Canadian woman feels 'cheated' after trying Tim Hortons in ManchesterThe woman was in awe at the Manchester menu
Lire la suite »
'High Probability' That A Japanese Lunar Spacecraft Crashed Into the MoonA Japanese company’s spacecraft apparently crashed while attempting to land on the moon
Lire la suite »