Labour abandon flagship pledge to borrow £28billion a year for green projects

LABOUR’S money boss has confirmed its flagship pledge to borrow £28billion a year for green projects is dead.

Sir Keir Starmer’s MPs have urged their leader to drop the controversial eco-promise after it was picked apart by Tories.

Now Darren Jones, Shadow Chief Secretary to the Treasury, said the sum borrowed for environmental projects will instead be “subject to two things”.

One was “the state of the economy… But it will also be subject to case-by-case business cases that, if I’m the Chief Secretary to the Treasury in the next Labour government, I will have to sign off.”

He added: “The number will move around just as a matter of fact.”

Since the massive £28billion pledge was first unveiled three years ago it has been watered down to an “ambition”.

Labour’s top team have been split over ditching the figure, aimed at getting the UK fully green by 2030.

Some close to Sir Keir say it has become “an albatross” as they try to convince voters of their economic restraint.

Ministers suggested that if Labour are no longer going to borrow the sum, then higher taxes will be needed.

Confirming it is for the chop, Labour deputy leader Angela Rayner claimed it is not committed to “arbitrary” numbers and will stick to fiscal rules.

She said: “It’s not about just throwing a figure out there willy-nilly, and saying we’ll just put that in.

“It’s got to be part of applying to our fiscal rules.

“This is about identifying where that money will be spent, and when, how quickly we can get that off the ground in a sustainable way to secure the public money and secure three times the amount of private investment.

“They’re the rules that we’re applying to that money.”