Labour unveils first budget

The Chancellor, Rachel Reeves, has today addressed parliament outlining the government’s spending plans for the next financial year. Responding to the news, Mike Childs, head of policy at Friends of the Earth, said:

“This budget was the first significant opportunity for the Labour government to demonstrate it will invest to get the UK back on track for meeting our rapidly approaching climate and nature recovery targets. Regrettably, it has largely failed to do so.

"It should have committed to significant increases in funding for nature restoration, invested the £6 billion per year needed to insulate cold homes instead of a paltry £1.1 billion a year, and kept the £2 cap on bus fares, as these measures would help those on the lowest incomes and deliver much needed environmental improvements. Remarkably, the government has found money to squander on nuclear power, despite it being a financial nightmare. The Hinkley C plant is £20bn over budget and running 14 years late.

"While in opposition, the Labour Party promised £28bn a year in green investment because it understood this would bring economic growth, create jobs, and make life better for people facing sky-high energy bills and woeful public transport provision.

"Introducing a wealth tax on the super-rich, and significantly increasing the windfall tax on polluting oil and gas companies - which this budget failed to do - would go a long way to funding the fair, green measures we so desperately need. Today's announcement falls staggeringly short of what's needed to address climate and nature emergency.” 

ENDS