Labour promises £250bn for energy, transport and digital

The Labour Party has said it plans to create a National Transformation Fund that would spend £250 billion on energy, transport and digital infrastructure over the next decade.

Labour’s industrial strategy was presented by the party leader Jeremy Corbyn and the shadow business secretary Rebecca Long-Bailey at an event at York Science Park on 2 June.

In the strategy, Labour promises to increase R&D spending to 1.85 per cent of GDP in the first two years of parliament. By 2030 the party has committed to increase R&D spending to 3 per cent of GDP and to ensure that 60 per cent of the UK’s energy will come from low carbon or renewable sources.