At a visit to the BMW Mini production plant in Oxford, Gordon Brown revealed Labour’s new green growth strategy entitled ‘Labour’s Plan for Growth’. The plan outlines continuing support for emerging low-carbon industries and aims to stimulate economic growth while diversifying the country’s economy.

The plan outlines a number of proposals that are aimed at strengthening the UK’s low-carbon economy. It states that the Regional Development Agency structure that is currently in place will remain with the addition of a regional growth fund focused on new technologies and low-carbon investment. They propose that the annual investment allowance will double year-on-year whilst they are in office and they will also offer improved capital allowances for any company that invest in environmental, green or energy efficient technologies.  This is quite a stark contrast to the plans of the Conservative Party who have stated their intention to reform the capital allowance system and reduce the role of Regional Development agencies (RDA).

Where the Conservatives believe that the current system of tax reliefs and allowances have overcomplicated the tax system whilst failing to increase business investment, Labour has maintained their position. They believe that the allowances and RDAs have helped secure investment in the country’s emerging low-carbon economy. The Labour Party believes that the recent plans from Siemens and GE to invest in wind turbine plants in North East England are proof of this.

Labour’s plans aren’t as environmentally expansive as those in the Liberal Democrats proposed economic growth strategy but this plan aims to support low-carbon industry in the UK as well as increase investment in new eco-technologies, research & development with Low Carbon Economic Areas and increased government funding. 

Author:  Thomas Davies

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