THE RED Wall will get first dibs on government cash to create new jobs if Labour win the next election, Rachel Reeves today reveals.
The shadow chancellor has vowed to create a new ‘national wealth fund’ – a giant pot of money to kickstart green economic projects across the UK.
The £8 billion fund will have the explicit aim of tackling regional inequality.
This means poor areas like the old industrial towns across the Red Wall get much of the investment.
Deprived coastal areas are also expected to benefit.
This will create a whopping 450,000 jobs in these areas by 2030, Labour says.
It is inspired by Joe Biden, who has promised to turn America’s old Rust Belt into a new “Silicon heartland” of green industrial jobs.
Unveiling the plan just days before the Budget, Ms Reeves told UK Times on Sunday: “In the US, President Biden has been fundamentally rewiring and reviving local economies, while here the Tories have failed on levelling up, pitting communities against one another and opting for short-term sticking plasters instead.
“By giving our National Wealth Fund the remit to target projects and tackle regional inequality, Labour will match the ambition of towns and cities across our country.
“Our plans will make everyone better off, not just a few – with that goal written into the DNA of our mission to secure the highest sustained growth in the G7.”
This will create a new generation of plumbers, electricians and engineers across parts of the country that have often not got the investment they deserve, Labour says.
The policy will create an extra 54,000 jobs in the North West and 53,000 in Yorkshire, the party says.
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