Responding to the Chancellor’s plans to change the fiscal rules in order to unlock £50bn for investment in infrastructure projects, announced at the International Monetary Fund’s annual meeting in Washington today, Greenpeace UK’s head of politics, Ami McCarthy, said:

“This is a welcome first step towards unshackling our economy from its restrictive fiscal rules, which will prove a shrewd move from the Chancellor.

“Reeves clearly understands that public investment leads to private investment, which in turn boosts the economy, generates wealth and will ultimately provide a healthy return for the government. It’s simple economics. The big question now is how will she spend it?

“Major investment in the green industries of the future – renewable energy, grid upgrades, battery manufacturing, better homes and so on – is not only imperative to tackling humanity’s greatest ever threat, but it is also the best way to make this country more resilient and more globally competitive.

“So, while this is a step towards fiscal rules that are more economically logical – it’s how this money is spent that will determine whether or not the UK experiences the kind of growth that our government wants and that the planet really needs.”