In a tweet the Eccles & Salford MP asked if the Conservatives green infrastructure bank plans released earlier this afternoon, were a joke?
During his speech the Chancellor Rishi Sunak, declared:
"I can announce today the first ever UK infrastructure bank, located in Leeds.
"The bank will invest across the UK in public and private projects to finance the green industrial revolution.
"Beginning this Spring, it will have an initial capitalisation of £12bn and we expect it to support at least £40bn of total investment in infrastructure."
Mrs Long Bailey quickly took to Twitter to mock the Chancellor for not going far enough in 'Facing the existential threat of climate change' as he set out his plans for the first ever UK infrastructure bank, set to open later this year in Leeds.
She slammed the move by describing it as a 'Paltry £12Billion', 'Shiny retail savings products' and a 'Distant report into carbon offsetting in the City of London'.
She declared, "A Green Revolution this is not".
However, Mr Sunak’s announcement of the formation of the bank during the Budget has been broadly welcomed by industry and confirms the plans revealed last November alongside publication of the National Infrastructure Strategy.
While Sunak announced a capitalisation of £12bn in the Budget, the bank will have a further financial capacity of around £10bn in the form of issuing guarantees.
The bank will also be able to draw upon Treasury capital, as well as borrow from private markets with growth delivered through recycling and retention of return on investments.
Government will allocate further capital to the bank in phases but it will operate as “an arm’s length institutional unit” and “with a high degree of operational independence”.
During his speech, Sunak pledged to put green investment at heart of economic recovery as the country attempts to rebound to the largest government spending in modern times.