Owen Smith, the Labour MP who is challenging party leader Jeremy Corbyn, has vowed to keep the Green Investment Bank (GIB) in public hands if he becomes Prime Minister.

In a speech delivered in Newcastle, Owen said he would halt the privatisation of the bank, which he said was “wrong for Britain”.
Instead, he promised to inject £15 billion over five years to capitalise the GIB.

He said the £2.7bn that the bank had already invested was a “good start but nowhere near enough”.

‘British New Deal’

His plans on energy formed part of what Owen called “a second industrial revolution” that would see £200bn of investment over five years in a “British New Deal”

He called for the UK Government to deliver an early Autumn Statement and to immediately inject £20bn into infrastructure projects, including renewable energy schemes, railway electrification and further education colleges.

He also called for a second referendum to approve the UK’s deal for leaving the European Union.

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