GDP: recovery will lose momentum if UK investment remains behind G7 partners
11 Jun 2021 11:54 AM
Commenting on today’s (Friday) GDP figures showing growth of 2.3% into April, TUC General Secretary Frances O’Grady said:
“Stronger growth was expected as lockdown rules eased. But the recovery will soon lose momentum if the government does not step-up investment.
“We need a much more ambitious plan for green industry and infrastructure. It’s a chance to replace the jobs lost in the pandemic and level up the UK. But Britain is only investing £1 for every £16 that's in President Biden’s green recovery plan.
“The prime minister should use the G7 summit to announce plans that match the ambition of other G7 members, or we will be left behind.”
Earlier this month the TUC published research showing that the UK government’s Ten Point Plan for a green industrial revolution is just a fraction of the green recovery investment pledged by France, Canada, Italy, Germany and USA. Japan is the only G7 nation with a smaller investment plan.
The TUC is calling on government to allocate an additional £85 billion for emergency green infrastructure over the next two years. This could create 1.24 million new green jobs, while retooling and decarbonising workplaces to protect existing jobs. And it would move the UK up into third position in the G7 league table, demonstrating real climate leadership.
Editors Note