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Investment & Levelling Up Across the Country

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Delivering the far-reaching change needed to tackle the climate and environmental emergency will require a full mobilisation of national resources, both public and private.

Labour will create a Sustainable Investment Board to bring together the Chancellor, Business Secretary and Bank of England Governor to oversee, co-ordinate and bring forward this investment – involving trade unions and business. We will ask the Office for Budget Responsibility to incorporate climate and environmental impacts into its forecasts so that the cost of not acting will be factored into every fiscal decision.

The cost of not acting is far greater than the cost of acting. We will launch a National Transformation Fund of £400 billion and rewrite the Treasury’s investment rules to guarantee that every penny spent is compatible with our climate and environmental targets – and that the costs of not acting are fully accounted for too. Of this, £250 billion will directly fund the transition through a Green Transformation Fund dedicated to renewable and low-carbon energy and transport, biodiversity and environmental restoration.

We will create a National Investment Bank, backed up by a network of Regional Development Banks, to provide £250 billion of lending for enterprise, infrastructure and innovation over 10 years. They will be mandated to lend in line with our mission to decarbonise our economy while increasing productivity and creating good jobs across the country. As well as large-scale national and regional projects, smaller loans will be available through our new Post Bank based in Post Office branches, enabling thousands of bottom-up transformational changes by start-ups, small businesses, local co-operatives and community projects in towns and villages up and down the country.

We will make sure that the UK’s financial sector is helping to tackle the emergency rather than fuelling it. We will do this by improving the fitness of our financial authorities to mobilise green investment and by giving them powers to manage the risk to financial stability posed by short-sighted investment in polluting assets.

Just 100 companies globally are responsible for the majority of carbon emissions. We won’t be afraid to tackle this wanton corporate destruction by taking on the powerful interests that are causing climate change. We will change the criteria a company must meet to be listed on the London Stock Exchange so that any company that fails to contribute to tackling the climate and environmental emergency is delisted.

Levelling Up Across the Country
Many parts of Britain would need this investment even without a climate and environmental emergency. Years of under-investment and neglect by Westminster have left too many communities feeling powerless and too many areas left behind with low- quality jobs, weak productivity and slow growth.

The climate and environmental emergency is a chance to unite the country to face this common challenge by mobilising all our national resources, both financial and human. But we will only succeed by ensuring that everyone shares in the benefits. Labour will make sure that investment is spread evenly across the whole country and will give powers and funding to every region and nation of the UK.

We will bring about a radical decentralisation of power in Britain so that local people and communities are given far greater control over their own lives and prospects.

A Local Transformation Fund in each English region will be used exclusively to fund infrastructure projects decided at a local level, as will devolved governments in Wales, Scotland and Northern Ireland. Our Regional Development Banks will be governed by boards made up of key local stakeholders such as local chambers of commerce, trade unions and councillors – with Scotland, Wales and Northern Ireland empowered to make similar arrangements. They will set priorities for lending, giving every region and nation a new and powerful lever to rebuild their economy on their own terms.

We will shift the political centre of gravity by placing the National Transformation Fund Unit, a key part of the Treasury, in the North of England and build up the regional offices of government in each of the nine English regions to co-ordinate government policies at the regional level, as well as ensuring a regional voice in Whitehall.


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