Unless you live in a bubble of national-only news, you know that we are in the midst of a global financial crisis. Countries around the world are looking at bailouts and stimulus packages, including the United Kingdom. However, the UK’s stimulus package doesn’t have a strong focus on greening the economy like the American Recovery and Reinvestment Act.
The UK branch of Greenpeace published a report from the New Economics Foundation on their website yesterday; the report is named Green Stimulus or Simulus? (PDF) and takes an in-depth look at the dismal amount set aside for greening the economy in the United Kingdom.
“New and additional green spending included in the green stimulus package of the government’s Pre-Budget Report (PBR) is astonishingly small compared to other recent spending commitments, at just 0.6% of the UK’s £20bn recovery plan. This key element makes up just 0.0083% of UK GDP, but in the wake of the banking crisis nearly 20% of UK GDP has been provided to support the financial sector.” Source: Green Stimulus or Simulus? (PDF)
The report also shows that as UK bank bailout funds were increased, “green” funding in the UK recovery act decreased. Additionally, £27m is being allocated to the creation of a new Land Rover vehicle. Yes, the gas hogging Land Rover line is likely getting UK recovery funds.
The entire Green Stimulus or Simulus? (PDF) report is 24 pages and is an insightful read for anyone, not just residents of the UK.
Photo by Auto Exposure Canada