Labour is working on its own version of Joe Biden’s Inflation Reduction Act with the US team which wrote up the plan to tempt green investment away from Europe.

The Yorkshire Post understands the party officials are working with members of the US President’s team who wrote the multi-billion dollar landmark legislation to craft a version fit for the UK.

Passed in August last year, President Biden’s plan saw an unprecedented $391 billion on energy security and climate change, including $270 billion in tax incentives as part of his plan to fight inflation.

This has started to tempt companies over to the US to take advantage of the low costs for doing business in green energy, with those such as Drax in North Yorkshire saying that the UK risks “getting left behind and investment moving to other countries”.

Leader of the Labour Party Sir Keir Starmer and shadow chancellor Rachel Reeves during their tour of production facilities of the fuel cell manufacturer, Ceres Power, in Surrey, with Chief Technical Officer Caroline Hargrove (right), CEO Phil Caldwell (left). Picture date: Monday March 13, 2023. PA Photo. Photo credit should read: Jonathan Brady/PA Wire — Leader of the Labour Party Sir Keir Starmer and shadow chancellor Rachel Reeves during their tour of production facilities of the fuel cell m

Labour working with Biden's team on UK version of landmark green energy plan