With the budget bringing about changes, there’s an unprecedented opportunity to realign the UK’s economy toward social well-being and environmental resilience.
For years, our fiscal rules have prevented public investment from keeping pace with the country’s needs, stalling infrastructure and deepening reliance on fossil fuels, which has driven a cost of living crisis.
As well as direct public investment in schools and hospitals, a promising development from the budget is the establishment of the National Wealth Fund, which could be crucial in channelling billions into sectors that are key to our future.
While unlocking investment is a critical step, this opportunity should be taken to scale up the National Wealth Fund in order to make it truly impactful – done whilst ensuring the fund serves as a robust vehicle which prioritises climate action and creates high-quality jobs, rather than being a means to offer handouts for private investors.
As Positive Money’s report on a just, green transition highlights, the fund’s mandate should support a fair transition for workers and communities, especially those most impacted by the shift away from fossil fuels. Calls for trade union representation on the wealth fund’s board also underscore the importance of keeping workers’ interests at the heart of this transition.
Raising funds to make this vision a reality could be done through progressive measures, like a windfall tax on bank profits, which could generate up to £15 billion.
The Chancellor’s Autumn Statement outlines plans to ‘rebuild Britain,’ and we must hold the government accountable to ensure these words translate into real action. We have an opportunity to create a resilient, equitable economy, and sustainable future for all.
