Labor unveils state-backed fund to give Britons a stake in green investments

In a swipe at the Tories, Shadow Chancellor Rachel Reeves is set to tell the Labor Conference that the policy is a 'real plan for growth' and a 'real plan to level up'

Labor leader Keir Starmer and shadow chancellor Rachel Reeves (

Image: PA)

Labour will pump billions of pounds into green energy projects under a new scheme to give taxpayers a stake in renewable investments.

In a speech on Monday, Shadow Chancellor Rachel Reeves will unveil plans to revive British industry by setting up a state-owned investment fund to let the government participate in projects ranging from battery factories to ready ports for renewable energies.

The new National Wealth Fund would invest £8.3 billion over 10 years to fund a range of major climate-friendly projects, such as battery factories, clean steelworks and renewables-ready ports.< /p>

Drawing inspiration from programs in countries like Norway and Singapore, the idea is that when public money is spent on these projects, Britons own a share of that wealth and benefit from the returns on those investments.

In a swipe at the Tories, Ms Reeves is set to claim the policy is a 'real plan for growth' and a 'real plan for upgrading'.

Phantom Chancellor Rachel Reeves (

Picture:

PENNSYLVANIA)

Ms Reeves will tell delegates: 'When I say I want to buy, make and sell more in Britain, I mean it.

"What you will see in your city, in your city, under Labor is a sight we haven't seen enough of in our country:

"The cranes go up, the shovels in the ground. The sounds and images of the future arrive."

In a swipe at the Tories, she'll add, "It's a real plan to grow. It's a real plan to upgrade.

“Zero carbon economy – made here…made in Britain.”