The new UK Labour government should drop energy superpower aspirations and set realistic goals under its newly launched National Wealth Fund, according to the Institute of Economic Affairs (IEA).
Reacting to today’s much-trumpeted launch of the fund, which is designed to spur industrial growth and particularly renewables, the IEA said the new government needs to be ‘hardnosed’ about potential returns.
Professor Len Shackleton, an Editorial and Research Fellow at the IEA, said the UK needs to boost not only the quantity but quality of investment.
He said, “In the past, governments have been far too influenced by fashionable boondoggles — nowadays, anything with ‘green’ in the title should ring warning bells — and have wasted vast amounts of taxpayers’ money. Sometimes, pension funds and other private investors who paid too much attention to the government of the day also lost out.”
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