Labour turns up pressure on green investment
Britain is failing to compete in the global race to develop green technologies, Labour has claimed.
James Murray, the shadow financial secretary to the Treasury, has called on the chancellor to respond to ambitious American subsidies in the autumn statement this week.
He said the government’s response to President Biden’s Inflation Reduction Act, under which $669 billion of taxpayers’ money in the United States will be used to fund tax credits for electric vehicles and the building of green supply chains, was inadequate.
“If you look at what Jeremy Hunt has said about the approach taken by the Inflation Reduction Act, he’s called it distortive and that the UK will essentially use the same tools they have used over the last years,” Murray said.
