The Labour Party has committed to a publicly owned energy company, GB Energy, underpinned by an ambitious £8.3bn budget to invest in clean, homegrown power generation ‘to cut bills for families, create jobs across the country, and take back control of energy security’.

Keir Starmer confirmed that Great British Energy will invest in Britain’s growing floating offshore wind industry – a significant frontier technology that has potential to support the creation of tens of thousands of skilled jobs across the UK, including places like Cornwall next to the Celtic Sea. The announcement on floating offshore wind marks the first major investment commitment that Great British Energy will make, once established by an incoming UK Labour government.

Cornwall has a huge opportunity from the new floating offshore wind technology, which a recent Government-backed taskforce says could unlock up to £43 billion of Gross Value Added (GVA) to the UK economy and create around 30,000 jobs by 2050.

However, in recent years, floating offshore wind has been let down by a lack of support from the UK government. Not a single floating offshore wind project was successful at the government’s last failed renewable energy auction.  And the port of Falmouth saw its bid, under the Government’s limited Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS) to act as a hub for maintaining and servicing offshore wind technology, short-sightedly rejected.

Ed Miliband confirmed on Friday that:

‘Cornwall will be absolutely central to Labour’s investment in floating offshore wind. The Government’s FLOWMIS fund is far too unambitious. Our Ports Fund will be over 11 times the size at £1.8 billion.”

Labour’s Parliamentary candidate for Camborne and Redruth, Perran Moon said:

”This could mark a watershed moment for the Cornish economy.

“With the support and commitment of a Labour government to take advantage of Cornwall’s vast natural mineral and renewable resources, including floating offshore wind, the opportunity to transform one of the most deprived areas in the UK is clear. There are few other places that have such a wide range of clean energy resources. I’m sure that the prospect of good quality, secure jobs in businesses that will transform the UK economy under a Labour government will be welcomed throughout Cornwall.”

Labour’s Parliamentary candidate for Truro and Falmouth, Jayne Kirkham said:

 “Labour’s plans to focus investment on UK energy security, particularly floating offshore wind, will be a game-changer for Cornwall.

“The floating offshore wind in the Celtic Sea will provide hundreds of jobs and growth to Cornwall’s economy if we have the support that a Labour government will offer to train people with the skills required, the investment in the national grid and the £1.8 billion promised for UK ports. We will be able to strengthen our supply chain in readiness to take on the challenge.

“Cornwall has been poised to take the opportunity to generate secure clean energy for the country for years and I am so pleased that a Labour government will commit to unlock this potential in Cornwall.”