The Labour Party will launch its new Great British Energy (GBE) plan today (31st May), less than five weeks away from the general election.
Labour leader Sir Keir Starmer has stated that setting up GBE would be one of his government’s first steps after the election.
The publicly owned energy company will receive £8.3bn ($10.5bn) of funding through an enhanced windfall tax of North Sea oil and gas operators, who currently pay a 75% tax rate which would be hiked to 78% under a Labour Government.
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