Government's New GB Energy Will Partner With Crown Estate

The Government will work with the Crown Estate to deliver Great British Energy, Prime Minister Keir Starmer said on Thursday at the launch of the major Labour policy.

The new Labour administration says GB Energy will be a publicly owned clean energy company which will secure public and private investment in renewables like wind, solar, and hydro power, with £8.3bn set aside for the project over this parliament. 

The policy was was one of Labour's core manifesto pledges during the General Election campaign. Starmer, who launched the policy alongside energy secretary Ed Miliband in Cheshire today, says it will not only bring down household bills and reduce UK dependence on energy from abroad, but also stimulate economic growth. 

The Crown Estate, which refers to a collection of land and holdings in the UK belonging to the monarchy, estimates the partnership will power the equivalent of almost 20 million homes by 2030 through new offshore wind developments.  

According to Government figures, the Crown Estate has a £16bn portfolio of land and seabed. The Estate functions independently, with its net profits returned to the Treasury. Its CEO is Australian property expert Dan Labbad.

Speaking at the press conference launching the project, Starmer criticised the previous Conservative government's record on the energy and the environment, claiming it had "dropped the ball" and left "the worst inheritance since the Second World War".

"This Government isn't driven by ideology, but by our determination to deliver for the British people," said the Prime Minister.

"So we will be pro-business, pro-worker and pro-wealth creation for all maximizing our assets — rather than flogging them off — to bring a better return for the taxpayer.

"And this