{"id":26417,"date":"2023-11-30T10:28:59","date_gmt":"2023-11-30T10:28:59","guid":{"rendered":"https:\/\/berkshiredoulas.com\/?p=26417"},"modified":"2023-11-30T10:28:59","modified_gmt":"2023-11-30T10:28:59","slug":"keir-starmer-would-add-20bn-to-uk-debt-if-elected-with-unfunded-promise","status":"publish","type":"post","link":"https:\/\/berkshiredoulas.com\/politics\/keir-starmer-would-add-20bn-to-uk-debt-if-elected-with-unfunded-promise\/","title":{"rendered":"Keir Starmer would add \u00a320bn to UK debt if elected with unfunded promise"},"content":{"rendered":"

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Keir Starmer’s green investment scheme could set government debt back another \u00a320billion, Tory party analysis has found. The Labour Party has pledged to spend \u00a328billion on green initiatives including achieving energy independence for the UK and creating more green jobs.<\/p>\n

But the hefty price tag of the plan could require more spending on debt relief, taking funds away from elsewhere.<\/p>\n

Describing it as an “unfunded promise”, the Conservative Party’s analysis suggests Labour’s plan would result in \u00a320.44billion in debt interest payments over one parliament. This is the same as the Home Office’s entire budget – although the Labour party have disputed that the figure is accurate.<\/p>\n

READ MORE <\/strong> James Cleverly makes Pinocchio gesture at Keir Starmer after PMQs attack<\/strong><\/p>\n

Shadow chancellor Rachel Reeves clarified the investment would be “ramped up” over the course of the second half of their parliament. The research assumes that Labour would increase spending by \u00a37billion in the next financial year, then \u00a314billion in 2025-26, and \u00a328billion for the subsequent three years of the parliament.<\/p>\n

The total cost is the equivalent of more than 400,000 nurses or 88,000 doctors, the Conservative Party said. The research also suggests Labour would be spending almost an additional year worth of their borrowing plan on servicing their debt \u2013 meaning less money for public services.<\/p>\n

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Chief Secretary to the Treasury Laura Trott said last night: “Independent OBR figures show Keir Starmer’s unfunded promise to borrow an extra \u00a328billion every year means Labour will spend more on debt interest and less on public services.<\/p>\n

“The independent Institute for Fiscal Studies says Labour’s additional borrowing means both ‘potentially increasing inflation, and also drives up interest rates’. Rather than taking the easy way out by passing on our debts to our children and grandchildren, Rishi Sunak is taking long-term decisions to get debt falling and build a brighter future for our country.”<\/p>\n

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