Labour would hit Britain with a £224 billion borrowing bill to go green, their Treasury chief admitted


LABOUR would whack Britain with a £224 billion borrowing bombshell to go green, their Treasury chief admitted.

Rachel Reeves announced the eye-watering spending spree minutes after boasting she had turned Labour into a “fiscally responsible” party.

Labour would whack Britain with a £224 billion borrowing bombshell to go green, their Treasury chief Rachel Reeves admitted

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Labour would whack Britain with a £224 billion borrowing bombshell to go green, their Treasury chief Rachel Reeves admittedCredit: Alamy
Reeves said she would borrow £28bn a year to pay for big green projects like wind turbines, hydrogen energy and new trees

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Reeves said she would borrow £28bn a year to pay for big green projects like wind turbines, hydrogen energy and new trees

The shadow chancellor said she would borrow £28bn a year to pay for big green projects like wind turbines, hydrogen energy and new trees.

But critics warned the lavish spending plans will mean higher taxes.

Ms Reeves told the Labour Party conference in Brighton: “I will be a responsible Chancellor. I will be Britain’s first green Chancellor.”

She added: “I will not shirk our responsibility to future generations.”

Record borrowing during the Covid crisis has already pushed government debt up to levels not seen since the 1960s.

It now stands at £2.2trillion – or 97.6 per cent of GDP.

Sir Keir Starmer has been desperate to put clear blue water between him and Jeremy Corbyn and prove that the economy is safe in Labour hands.

But Tory sources claimed his string of policy announcements – including plans to scrap business rates and ditch universal credit cuts – would end up costing Brits a whopping £170bn a year.

A Tory source said last night: “This is the same old Labour writing cheques they just can’t cash.

“In less than a year Labour have committed to spend more than £170 billion of taxpayers’ money without explaining how they will pay for it.

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“This is more fiscal incontinence than fiscal prudence.”

Richard Holden MP blasted last night: “As per, the Labour Party is good at making huge spending commitments, but refuses to say how they’ll pay for them.

“They need to come clean on how much more they would borrow and how much taxes would go up.”

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