Rachel Reeves has admitted she’s tearing up Labour’s plan to pump an eye-watering £28 billion a year into green projects, having finally realised it was an unaffordable waste of money. Speaking on the Today Programme this morning, Reeves claimed the party now plan to ramp up the spending over time, reaching £28 billion a year by 2027. She also blamed Liz Truss and the war in Ukraine for forcing her to stop splurging money…
“If you try to do things that then crash markets you end up in the position the Conservatives end up in… The truth is I didn’t foresee what the Conservatives would do to our economy… We will get to the investment that is needed, but we’ve got to do that in a responsible way.”
A stunning admission that she thinks party’s own plan might’ve crashed the markets…
UPDATE: Despite aides briefing hacks otherwise and just after Reeves finished her Today Programme interview this morning, Ed Miliband’s tweet suggests he has not got the memo:
Some people don’t want Britain to borrow to invest in the green economy. They want us to back down.
— Ed Miliband (@Ed_Miliband) June 9, 2023
But Keir, Rachel and I will never let that happen. Britain needs this £28bn a year plan and that is what we are committed to.
Ed’s neo-Corbynism is a casualty of the harsh reality of the gilt market’s scepticism and the OBR’s fiscal forecasts. Reeves doesn’t want to get Kwasi’d…
