GB energy firm would secure future jobs, says Labour

Labour’s leader says his party’s green energy plans will ensure the UK’s transition away from oil and gas does not repeat mistakes from the phase-out of coal.( )

The party has been accused of putting jobs at risk by vowing not to issue any new oil and gas licences if it wins power at July’s general election.

The SNP says the proposals, along with Labour's plan to hike taxes on firms' profits, would put thousands of Scottish jobs at risk.

But Sir Keir Starmer argued his party's plans for a new green investment firm would safeguard replacement jobs for generations to come.

Labour wants to set up a new public company, branded Great British Energy, to be headquartered in Scotland.( )

It would not generate energy itself, but would invest public money in projects like offshore wind farms and solar panels - which the party says would help secure domestic supplies and cut bills for consumers.

Labour wants to hand the company £8.3bn over the next five years for investments, funded by a windfall tax on the profits of oil and gas companies.( )

The government already has such a tax, recently extended until 2029, but Labour would charge a higher rate and close some tax allowances for investment.

The party has said initial investments would focus on wind and solar projects, with new technologies such as floating offshore wind, hydrogen and carbon capture and storage also eligible for funding.

It hopes that each pound of public investment would trigger a further £3 in private-sector funding for projects.( )

At the same time, Labour says it would not issue new licences for oil and gas projects, which are largely based in Scotland.

It has specified that it would honour existing licences, but the plan has prompted warnings from the SNP, as well as unions, that jobs would be put at risk.( )

The SNP has also attacked Labour's plans to get existing nuclear plans in England over the line, adding it would be done using "Scotland's energy wealth".

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