Labour has published a report today on business relations called “A New Partnership” in the run up to its mega-corporate schmooze event on Thursday. Along with the usual waffle on “ending the political spin cycle” the report concludes:

“Business hates uncertainty. The Shadow Secretary of State for Business and Trade, Jonathan Reynolds MP and the Shadow Chancellor, Rachel Reeves MP, have prioritised “clarity”, “certainty”, “transparency”, and “stability” in Labour’s relationship with business. This is very welcome“.

Businesses do hate uncertainty. Guido wonders what they’ll make of the Labour Party’s clarity on its flagship spending policy to reach its “2030 Clean Power Promise“, that last June Starmer said he was “doubling down” on Labour’s £28 billion spending spree. The so-called clarity in just this month is comical:

• 9^th February 2023 – Labour says: “We will invest £28 billion per year to tackle the climate emergency through our green prosperity plan“.
• 19^th June 2023 – Starmer says he is “doubling down” on Labour’s £28 billion spending spree.
• 7^th January 2024 – Starmer says the country “needs” investment and Labour will “put in” £28 billion to reach their clean power by 2030 target.
• 19^th January – The Sun reports that Keir Starmer is “ditching” his £28 billion-a-year spending spree, according to “Labour insiders“.
• 19^th January – Hours later, a Labour source dismissed the claims as “complete nonsense“.
• 20^th January – Sadiq Khan says Labour will only “hopefully” reach £28 billion but that “depends how quickly we can grow the economy“.
• 20^th January, David Lammy says Labour “remain committed” to the £28 billion-a-year spending spree but can’t say how it would be funded.
• 21^st January- Stephen Kinnock says Labour are “committed to ramping up to £28 billion in the second half of the first term of a Labour government“.
• 28^th January – Starmer refuses to commit to £28 billion in interview with the Daily Mail.
• 28^th January – Ed Miliband lays out spending commitments that make up the £28 billion figure and pledges to them.
• 28^th January – The Times reported that Labour’s £28 billion figure will be cut back and may not even make it into Labour’s manifesto.
• 28^th January – Jonathan Reynolds says Labour will spend £28 billion every year, then says it’s only an ambition.
• 28^th January – Chris Bryant says Labour’s £28 billion of spending “needs” to survive to pay for Labour’s energy plans.
• 28^th January – Lord Kinnock says “It might now be 26, it might be 20“.
• Yesterday – the CBI refers to Labour’s £28 billion spending spree as “core” to Labour’s “economic strategy“.
• Last night – Peston reports Labour will ditch their £28 billion spending spree.
• Last night – Rachel Reeves refused to commit to Labour’s £28 billion spending spree, or outline how it would be funded.

Labour continues to talk about specific green spending commitments that form part of the £28 billion – they can’t have it both ways. Nevertheless Guido reckons they will officially abandon the £28 billion figure in the next few months, whilst still sticking with the individual spending pledges.