Finance minister Sunak to earmark 3 billion pounds for green jobs
August 12, 2020
UK

Finance minister Sunak to earmark 3 billion pounds for green jobs

LONDON (UK) – UK finance minister Rishi Sunak is slated to set apart 3 billion pounds to create green jobs and enhance the energy efficiency of public buildings when he reveals his plans to kickstart the economy on Wednesday.

According to the finance ministry, one third of the package would be spent on cutting down greenhouse gas emissions from public-sector buildings -schools and hospitals – and social housing.

A fifth of UK’s greenhouse gas emissions come from heating buildings. Thus, the investment is a significant part of the country’s initiative to be a net-zero carbon emitter by 2050, said the ministry.

During Wednesday’s announcement, the finance minister is expected to explain how the government will tackle the spurt in unemployment triggered by the lockdown, which is being gradually eased.

Sunak has already announced emergency measures to the tune of 133 billion pounds and a big chunk of it goes to stem the tide of unemployment.

Think tank The Resolution Foundation said the finance minister needs to spend 200 billion pounds more over the next two years to boost the economy.

This includes 34 billion pounds to extend job support measures and new wage subsidies and 30 billion pounds in ‘high street vouchers’ for the public.

Sunak’s package also includes a 40 million-pound fund for cleaning up nature and planting trees which would back up to 5,000 new jobs.

His announcement was hailed by the Confederation of British Industry.

Said the confederation’s chief economist Rain Newton-Smith: “With the Government’s own manifesto promising 9.2 billion pounds on energy efficiency alone, we look forward to seeing the full details on delivery of its ambition to build back greener.”

(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field

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