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UK: Labor Party promises to establish public energy firm if elected

Office of US House Speaker / Wikimedia Commons

The British opposition Labor Party has promised to set up a publicly-owned energy company if it wins the next election, according to party leader Keir Starmer. The move would help address the rising energy bills and it would be a step toward energy independence.

Starmer said Tuesday that the Labor Party would set up a publicly-owned energy company within a year if it wins the next election. Starmer explained that a publicly-owned energy firm would help solve the issue of rising energy bills and deliver on energy independence.

The Labor Party leader said a public company would help make sure that energy produced in the country would benefit the people.

“We will set up Great British Energy within the first year of a Labor government, a new company that takes advantage of the opportunities in clean British power,” said Starmer during a party conference in Liverpool. “And because it is right for jobs because it is right for growth because it is right for energy independence…Great British Energy will be publicly owned.”

Starmer has called for the support package on energy bills to be funded through the windfall tax on energy companies instead of borrowing. On Sunday, Starmer announced the goal of Britain being powered by clean energy by 100 percent by 2030.

The Labor Party said it would work with the private sector to present its plans for clean energy in a strategic partnership with the new publicly-owned firm.

A report by The Times Monday said that the Labor Party has gotten the largest lead over the ruling Conservative Party in over 20 years in the polls, the outlet citing a YouGov poll.

The Labor Party now leads over Conservatives by 17 points in the polls, marking a level of support for the opposition that has not been seen since 2001 during Tony Blair’s time as the country’s prime minister.

The survey by the outlet also found that the public has largely opposed the tax cuts announced by finance minister Kwasi Kwarteng for the mini-budget last week, including among Conservatives. Around 19 percent of voters thought Kwarteng’s budget was “fair.”

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