In her first statements as chancellor, Rachel Reeves highlighted a substantial £22 billion budget deficit inherited from the previous government, which was exacerbated by rising costs related to asylum housing and public sector wages.
The Labour government is focusing on revitalizing the energy sector, with Ed Miliband reintroducing onshore wind power and establishing the national wealth fund to support green infrastructure initiatives.
Rachel Reeves has made significant cuts to projects initiated by the prior government, underscoring the fiscal challenges faced by Labour and the necessity to reassess ambitious promises like building new hospitals.
The establishment of Great British Energy represents a pivotal move in Labour's net zero strategy, empowering the government to produce clean energy and enhance overall energy efficiency.
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