Labour’s green industrial policy will not cure Britain’s economic ills
- Trying to fight climate change and raise growth risks doing neither well
Britain is going green. The country tends to be found towards the top of international league tables for emissions reductions, even after accounting for imports, thanks to copious offshore wind and a swift transition from coal to natural-gas power plants. Such success has not, however, translated into obvious economic rewards: productivity has been near-stagnant for 15 years and wages have failed to keep up with inflation. Fighting climate change has not held Britain back but it has not unleashed its economy either.