News & Insights Default

What could Labour’s £28bn U-turn mean for the property sector?

09/02/2024

News

What could Labour’s £28bn U-turn mean for the property sector?

As it increasingly looks more likely that the Labour Party will form our next government, what will walking back their £28bn Green Prosperity Plan mean to the property market?

Announced in 2021, the programme focused on local and national environmental schemes including the creation of GB Energy - a publicly owned energy company that would prioritise clean power, all generated in Great Britain. Other initiatives included improving home insulation, investing in offshore wind, and updating the National Grid.

This might have been proposed concepts, but these initiatives could massively change how the property sector operates.

Insulation

It was estimated that The Labour Party was to invest £6bn a year into adequately insulating homes across the UK. Now that has been scaled back, after the current government argued it would cost at least double. With these public bouts of misinformation, ordinary people will be discouraged in making the steps to make their houses more sustainable.

Offshore Wind

Labour’s plans to quadruple offshore wind will most definitely be in crisis now the tides have turned inside their party. Offshore wind is a burgeoning energy sector but, without investment, we can’t rely on its development generating any business for the property sector and the surrounding construction industry.

Grid updates

A better National Grid creates more opportunities for infrastructure, and these opportunities can lead to huge property works. Works such as commercial construction and building and development projects would then make way for transport planning, cost consultancy, and lease advisory services.
All these opportunities disappear without investment, and what’s more is we will still have a sub-par power network.

Moving the goalposts

In the months leading up to yesterday’s leak by the Guardian’s Pippa Crerar and Kiran Stacey, the £28bn amount was cut, changed, and moved around – gaining scrutiny over how they would meet these ambitious ideas.

Ambitious it may have been, but with the current government’s rolling back of their green pledges including moving the date for banning petrol back by 5 years, delaying the phasing out of gas boilers, ruling out any taxes on flying and ensuring landlords are exempt from energy efficiency rules.

The Labour Party is believed to be ditching the plan as it didn’t reflect the financial state that the current government would leave in their wake. However, to not prioritise green objectives and wider sustainability goals feels like a more costly decision.

To learn more about Eddisons' ethos are sustainability and what we are trying to do help you achieve your green goals, go to our Decarbonisation page.

Get in touch with the Eddisons team

Please contact us for more details and information

Related reading

View All
Polish food wholesaler to grow UK distribution from move to Gainsborough Unit 1 Peckett Plaza Gainsborough   Spizarnia   Eddisons Lincoln   July 2024 1

News

Polish food wholesaler to grow UK distribution from move to Gainsborough

Read More
New Government firmly links planning reform with growth agenda Liverpool, United Kingdom   October 09 2023 Labour Party Conference  The Shadow Chancellor of the Exchequer, Rachel Reeves announcing the Labour party's financial manifesto for the General Election

News

New Government firmly links planning reform with growth agenda

Read More
Eddisons builds on senior level commercial surveying offer Annette Booker   Associate Director   Eddisons Kettering & Northampton   July 2024

News

Eddisons builds on senior level commercial surveying offer

Read More
Rare Velocette LE 'Noddy bike' to be auctioned after garage discovery Velo

News

Rare Velocette LE 'Noddy bike' to be auctioned after garage discovery

Read More
View Meet the Team
CTA grid   Our Team

Our team

We're proud to employ more than 450 talented individuals working across a multitude of disciplines.

Find Your Nearest Office
UK Map   Dotted

Office finder

Eddisons is rapidly growing; emphasised by our nationwide network of 30 offices across the UK.

Get In Touch with Eddisons
CTA grid   Contact Us

Contact us

We're ready to take your call and can quickly pass you through to the right department.

Sign Up To Our Newsletter
CTA grid   Newsletter

Newsletter

Join thousands of property managers, occupiers, landlords and investors receiving the latest insights.

This site uses cookies to monitor site performance and provide a more responsive and personalised experience. You must agree to our use of certain cookies. For more information on how we use and manage cookies, please read our Privacy Policy.