Posted on: 16/08/2016
Owen Smith, the Labour MP who is challenging party leader Jeremy Corbyn, has vowed to keep the Green Investment Bank (GIB) in public hands if he becomes Prime Minister.
In a speech delivered in Newcastle, Owen said he would halt the privatisation of the bank, which he said was “wrong for Britain”.
Instead, he promised to inject £15 billion over five years to capitalise the GIB.
He said the £2.7bn that the bank had already invested was a “good start but nowhere near enough”.
‘British New Deal’
His plans on energy formed part of what Owen called “a second industrial revolution” that would see £200bn of investment over five years in a “British New Deal”
He called for the UK Government to deliver an early Autumn Statement and to immediately inject £20bn into infrastructure projects, including renewable energy schemes, railway electrification and further education colleges.
He also called for a second referendum to approve the UK’s deal for leaving the European Union.
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