Keir Starmer has announced that a Labour government will create Great British Energy – a new, publicly owned company that will generate renewable sources “to cut bills, create jobs and deliver energy independence”.

The role of GB Energy will be to provide additional capacity alongside the private sector, to establish the UK as a clean energy superpower and guarantee long term energy security, the Labour leader said.

Many European, Asian, and American countries have public generating companies, like EDF in France.

Delivering a keynote speech at the party conference in Liverpool, Sir Keir said the largest onshore wind farm in Wales is owned by Sweden, so “energy bills in Swansea are paying for schools and hospitals in Stockholm”.

He added: “The Chinese Communist Party has a stake in our nuclear industry. And five million people in Britain pay their bills to an energy company owned by France.

“Labour will set up Great British Energy within the first year of a Labour government.

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“A new company that takes advantage of the opportunities in clean British power, because it’s right for jobs, because it’s right for growth, because it’s right for energy independence.”

The announcement builds on Labour’s commitment to make the UK a clean energy superpower by 2030 and create a National Wealth Fund to invest in British industry.

Sir Keir said Labour “will make sure that the public money we spend building-up British industry, spurs on private investment, stimulates growth… and the British people enjoy the returns”.

He added: “Labour won’t make the mistake the Tories made with North Sea oil and gas back in the 1980s, where they frittered away the wealth from our national resources.

“The road to net zero is no longer one of stern, austere, self-denial. It’s at the heart of modern, 21st century aspiration. Technology has turned everything on its head.

“Green and growth don’t just go together – they’re inseparable. The future wealth of this country is in our air, in our seas, and in our skies. Britain should harness that wealth and share it with all.

“British power to the British people.”

Conservatives ‘have ripped out the foundations of Britain’

Sir Keir used his speech to tear into the Conservative’s record in government over the last 12 years.

He said a “cloud of anxiety” hangs over working people and accused the Tories of losing control of the economy to give tax cuts to the rich.

“They used to lecture us about fixing the roof when the sun was shining.

“But take a look around Britain, they haven’t just failed to fix the roof, they’ve ripped out the foundations, smashed through the windows and now they’ve blown the doors off for good measure.”

He said the problems don’t stop with the economy, saying there is “raw sewage in our rivers” and “backlogs everywhere”.

He went onto paint a picture of what the UK would look like under a Labour government, saying the cost of living crisis will be over, “clouds of anxiety have lifted”, services are where they are needed and the economy is stable while the NHS is “back in good health”.

In another policy announcement, he said Labour wants to increase home ownership and will set a target of 70%, offering a new mortgage guarantee for first-time buyers to help more people get onto the housing ladder.

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