Political party Labour has pledged it will invest up to £1.8bn into port infrastructure across the UK if it comes into power after the forthcoming General Election.
Considered the most significant upgrade of the UK’s ports in a generation, Labour’s wider plans aim to “reverse 14 years of industrial decline” which it blames on the Conservative government, while also supporting and encouraging domestic manufacturing across the country.
The pledge is part of Labour’s Green Prosperity Plan, funded by a proper windfall tax on oil and gas companies making record profits. Labour believes the investment into port infrastructure will help stimulate billions of pounds of private sector investment into ports, harbours and the energy industry on the UK’s coasts.
In order to do this, it will establish the National Wealth Fund to invest in green industries, which will see £1.8bn invested in upgrading ports around the country and supporting jobs in the energy industry and in businesses like domestic manufacturing. These investments will drive local and economic growth in every region of the country.
The National Wealth Fund is a new strategic body to ensure that when public money is spent building UK businesses, UK citizens will benefit from the long-term return that those investments produce.
UK port bosses have raised concerns about the Conservative government’s lack of investment in infrastructure, according to Labour. It stated this will strangle the capacity to deliver ambitious targets for renewable energy, in particular offshore wind. Industry experts have warned that without rapid investment in ports around UK shores, the UK could lose the global race for floating offshore wind.
In February, Linesight Europe senior director Niall Greene wrote on NCE about how port expansion would be the basis for an UK offshore wind industry that could provide a potential £43.6bn econpomic boost.
The current government has established the Floating Offshore Wind Manufacturing Investment Scheme (Flowmis) scheme and Associated British Ports’ projects at Port Talbot and the Port of Cromarty Firth have recently made progress towards investment through it.
Aside from its port promises, Labour has further pledged to follow to establish Great British Energy, a new public company to invest in clean energy across our country.
The political party said in a statement: “Through these policies, a Labour government will invest in technologies like floating offshore wind, hydrogen, nuclear and carbon capture and storage, which will help secure Britain’s energy independence.
“This will create a new generation of skilled jobs in growing industries, which will offer people good wages, give confidence in their job security, and provide them with opportunities to progress.”
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