Shadow Chancellor reassures the BMF

The Shadow Chancellor has reassured the Builders Merchants Federation he supports tax relief to help greener energies at an event in the capital.

Public and private sector finance will both be required to invest in Labour’s green industrial revolution to move to a zero carbon economy,” John McDonnell MP told the Builders Merchants Federation. “And if there needs to be support for businesses to help in the transition, we’ll look at tax reliefs to help them scale-up.”

He was answering a question from Brett Amphlett, who represented the BMF at a Labour Party event in the City of London this week, the federation reported in a statement.

The MP was asked if he would be prepared to intervene in the tax system and give Enhanced Capital Allowances to help manufacturers scale up for hydrogen or new fuels not yet discovered, and was reminded that BMF members make and deliver the gas-powered central heating and hot water systems, heat pumps and other technologies used in all types of buildings.

He also delivered a speech to an invited audience of bankers, mortgage providers and business representatives including the BMF.

Each of Labour’s shadow ministerial teams is tasked with producing a programme of action defining their department’s contribution to tackling climate change,” he was quoted.