Shadow business secretary Jonathan Reynolds blamed Conservatives’ mishandling of the economy for having to ditch their pledge to spend £28 billion a year on green projects. Reynolds insisted that Labour's revised plan is still ambitious, but "deliverable". Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00 We still have an incredibly ambitious position but it is true to say we've had to make sure
00:04 we can deliver on that and there has been a substantial change in the conditions around
00:08 the economy and particularly around the cost of borrowing since that pledge was first made.
00:12 Interest rates were 0.1% when the pledge was made, they're now at 5.25%. So we have to
00:17 factor that in. But what we've been doing from the beginning of this year is making
00:21 sure all of our pledges are ready for the manifesto, the election could come at any
00:25 time and we want to make sure we can deliver those because we don't want to be in a position
00:28 where as we've seen with some previous governments over the last 14 years, they've made a lot
00:32 of promises and they can't deliver them.
00:34 So on the warm homes and fuel poverty policy, we have had to trim back the level of ambition
00:40 but again it is still doubling of the resource the government is currently putting into that.
00:44 Again it would be one of the most ambitious policies, the most ambitious policy in this
00:48 area any government has ever had. Now we've got to be frank with people and say how much
00:53 you want, how much you can spend on any area isn't determined by how much you want to do
00:57 it, it's whether you can afford to do it. So there's going to be a lot of ambition,
01:00 there's going to be a lot of delivery on this but of course we've got to do that in a way
01:04 which is making sure what we say we want to do is what we can do.