Carbon emissions: Shadow Chancellor reassures the BMF
2 July 2019
and private sector finance will both be required to invest in Labour’s
green industrial revolution to move to a zero carbon economy", John
McDonnell MP has told the BMF. "And if there needs to be support for
businesses to help in the transition, we’ll look at tax reliefs to help
The Shadow Chancellor was answering a question from Brett Amphlett, who
represented the BMF at a Labour Party event in the City of London this
week. Mr McDonnell was giving a keynote televised speech on tackling the
‘climate emergency’ in the wake of recent public protests.
Brett Amphlett, BMF Policy and Public Affairs Manager
, asked John
McDonnell MP if he - as a future Chancellor of the Exchequer - is
prepared to intervene in the tax system and give Enhanced Capital
Allowances to help manufacturers scale up for hydrogen or new fuels not
yet discovered. He reminded the MP that BMF members make and deliver the
gas-powered central heating and hot water systems, heat pumps and other
technologies used in all types of buildings.
Mr McDonnell said he wants public and private finance to invest in the
technology needed to deal with the climate crisis. The Labour Party is
looking at a combination of regulation and incentives to ensure future
requirements have proper regulation and proper standards for retrofit
and new build.
The speech took place at UK Finance, the financial services’ trade
association, in front of an invited audience of bankers, mortgage
providers and business representatives like the BMF.
The Shadow Chancellor also told Brett Amphlett that Labour is reviewing
the entire financial system to see how each sector of the economy is
responding to the ‘climate emergency’. “Each of Labour’s shadow
ministerial teams is tasked with producing a programme of action
defining their Department’s contribution to tackling climate change”,
John McDonnell added.
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