
Rachel Reeves backtracks over Labour’s £28bn climate plan
Rachel Reeves has just rowed back on a flagship Labour policy. Speaking on Radio 4’s Today programme, the shadow chancellor watered down her earlier pledge to spend £28 billion a year on climate investment ‘for each and every year of this decade’ – Labour’s version of Joe Biden’s Inflation Reduction Act. Explaining her decision to delay the spending, Reeves insisted that a Labour government would still hit the figure eventually. Reeves promised to ‘ramp up’ the investment over time to reach a total of £28 billion a year in the second half of the parliament at the latest. So, what’s behind the change of approach? It comes after the policy
