Labour to delay £28bn green investment pledge

Labour has rowed back on its pledge to invest £28bn a year in green industries, saying it needs to be "responsible" with the public finances.

Instead shadow chancellor Rachel Reeves said the party would now ramp up the investment over time if it wins power, reaching £28bn a year by 2027.

She told the BBC that after the Tories "crashed the economy" it was important not to be "reckless" with spending.

Ms Reeves added that after prices and interest rates increased "financial stability has to come first".

Factors including the war in Ukraine have seen inflation soar and the Bank of England has increased interest rates, making borrowing more expensive, in an attempt to tame rising prices.

Former PM Liz Truss's mini-budget last year, which included billions of pounds of unfunded tax cuts, also prompted turmoil in the financial markets and led to interest rates rising further.

"The truth is I didn't foresee what the Conservatives would do to our economy," Ms Reeves told BBC Radio 4's Today programme.

"We will get to the investment that is needed. But we've got to do that in a responsible way."