Helm Talks - energy climate infrastructure & more24 Feb 2023

Labour's five missions

Keir Starmer, Leader of the Opposition, has come up with his five missions to match Rishi Sunak’s five pledges. But taking a look at two specifically – the highest sustained economic growth in the G7 and zero carbon electricity by 2030 (not just net zero) – are these missions both credible and deliverable? While there are some positives – in particular a longer-term horizon and a focus on infrastructure – there are serious flaws in both. On economic growth, the performance of the rest of the G7 is obviously out of Starmer’s control, and it is not clear what “sustained” actually means. There is also the awkward question of where all the money is going to come from for all this investment. Given the poor current savings record in the UK, it relies overwhelmingly on foreigners. On zero-carbon electricity, is it seriously possible to effect such a radical reform of the system within six years if Labour wins, and if the next election is in 2024? Planning law, planning law implementation, the supply chains, the networks and all the rest? The good news is that we now have a serious debate about what needs to be done to achieve an economic revival and tackle climate change. The bad news is that no politician seems to be willing to engage with the fundamental realities: we don’t save and we rely on foreigner investors, preferring to live well beyond our diminished post-BREXIT means.

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