Spring Budget 2024: Labour’s Sustainability Focus

Keir Starmer has been promising change since the general election was called in May. With last night’s landslide victory for Labour, it’s now time to see that change in action.

Sustainability has been a contentious subject in the campaign, with our then-in-power party not even including it in their manifesto. Now we have hopped off and firmly chosen what side of the fence we want to be on, is it time for the Labour Party to set clear goals and fulfil our social responsibility to our people and planet.

One common barrier to effective environmental impact is the affordability of making a change. Individuals struggling with the cost-of-living crisis and the subsequent damage from the short lived but long impacted Truss government. Businesses facing uncertainty in the aftermath of Covid lockdowns and navigating global trade and resourcing following Brexit. The Government facing tough budget decisions as they look to how best to spend our countries money. Labour’s number one point of their manifesto to deliver economic stability must be the foundation on which all of the above improves.

Labour will need to take bold action if we are to protect the UK’s position as one of the global leaders in decarbonisation and fulfil our legal obligation for all UK organisations to be net zero by 2050. The Great British Energy plan aims to save £93 billion for UK households, cutting energy bills for good by harnessing solar, wind and wave energy to rely 100% clean resources by 2030. Taking away the obvious direct benefits to the environment of stepping away from our reliance on fossil fuels, the cost savings from this plan will surely enable British people and businesses the opportunity to redirect some of their budget to making conscious green investment.

The unintended consequence of not prioritising affordable sustainability in recent years has meant many people have no choice but to opt for the least sustainable option. We see this with the rapid rise in fast fashion, next day deliveries and single/limited use products being used and disposed daily. The evidence is clear that our planet cannot sustain this level of over-consumption, but whilst the general public have to constantly battle between budget and ethics, the affordability, or lack thereof, will usually sway most people to the cheapest product. Labour’s commitments to stabilising the economy will go someway to putting more money in the pockets of the average British person but they then need to show strong leadership with sustainability to ensure this additional money doesn’t continue to feed the existing consumption habits and encourages individuals to focus on supporting the communities and environments in which they live, as well as personal growth and comfort.

Government level leadership and investment will also give UK businesses the encouragement to take the same steps on their own ESG journey, and infrastructure reform to the scale of the proposed Great British Energy plan will make it easier for organisations to set, achieve and exceed emissions reductions targets on their path to net zero. The cost savings will also be a clear motivating factor for the SME market to embrace sustainability, as weighing up the cost/benefit has been a clear challenge for those making the decision between purpose and profit. If Labour lead by example, it will allow more businesses to achieve the ultimate social, environmental and economic balance of purpose with profit.

It is clear Labour’s plans for green energy will be a strong step in the right direction for social and environmental change, but they have their work cut out for them turning the country’s finances around after 14 years of austerity to free up the funds needed to come out of the other end of the cost-of-living crisis to then allow for investment in our green future. Or should I say Red future.