Skip to main content
Advertise with the Morning Star
Green Finance Institute: much ‘finance,’ little green
SOLOMON HUGHES reveals how one of the organisations shaping Labour’s investment plans was created by Tories and bankers, looking like a slightly green-flecked PFI vehicle instead of a body for proper investment
Rachel Reeves met Green Finance Institute chief executive Rhian-Mari Thomas at Davos this January; Thomas says she told Reeves to junk her existing £28 billion public investment plan and let her put Labour ‘in the room’ with the finance industry, resulting in the much smaller £7.3bn fund to work alongside the banks

WHAT is the Green Finance Institute, the organisation behind Labour Chancellor Rachel Reeves’s National Wealth Fund plans? Turns out it is an un-transparent, bank-oriented company cooked up between then Tory chancellor Phillip Hammond and the City of London.
 
Reeves and Ed Miliband say that from April 2024, the Green Finance Institute gave “policy support on the Labour Party’s National Wealth Fund,” running the task force designing the fund, in a donation worth £99,000.

Green Finance Institute chief executive Rhian-Mari Thomas told the Guardian she personally persuaded Reeves to redesign her green investment plans, lobbying the future Chancellor at Davos this January.

Thomas, who spent 19 years as a Barclays banker, says she told Reeves to junk her existing £28 billion public investment plan and let her put Labour “in the room” with the finance industry, resulting in the much smaller £7.3bn fund to work alongside the banks.
 
An ex-banker persuading the future Chancellor to rewrite her policy, reducing public investment, at the corporate Glastonbury of Davos, sounds like Labour dancing to a City tune.

The 95th Anniversary Appeal
Support the Morning Star
You have reached the free limit.
Subscribe to continue reading.
More from this author
Prime Minister Keir Starmer speaks as he hosts a VJ Day commemorative reception in the garden of 10 Downing Street, London, August 14, 2025
Features / 5 September 2025
5 September 2025

Keir Starmer’s hiring Tim Allan from Tory-led Strand Partners is another illustration of  Labour’s corporate-influence world where party differences matter less than business connections, writes SOLOMON HUGHES

Defence Secretary John Healey (third left) and his French counterpart Sebastien Lecornu (second left) view a long-range air-launched Storm Shadow cruise missile, during a visit to MDBA in Hertfordshire, July 9, 2025
Features / 22 August 2025
22 August 2025

MBDA’s Alabama factory makes components for Boeing’s GBU-39 bombs used to kill civilians in Gaza. Its profits flow through Stevenage to Paris — and it is one of the British government’s favourite firms, reveals SOLOMON HUGHES

Rachel Reeves and Jonathan Reynolds
Features / 8 August 2025
8 August 2025

SOLOMON HUGHES asks whether Labour ‘engaging with decision-makers’ with scandalous records of fleecing the public is really in our interests

Prime Minister Keir Starmer, Chancellor of the Exchequer Rachel Reeves and Business Secretary Jonathan Reynolds during a visit to Horiba Mira in Nuneaton, to mark the launch of the Government's Industrial Strategy, June 23, 2025
Features / 25 July 2025
25 July 2025

Labour’s new Treasury unit will ‘challenge unnecessary regulation’ by forcing nominally independent bodies like Ofwat to bend to business demands — exactly what Iain Anderson’s corporate clients wanted, writes SOLOMON HUGHES

Similar stories
Protesters from Just Stop Oil take part in what it claims will be their last direct action protest outside the Royal Courts Of Justice in central London, April 26, 2025
Climate Emergency / 9 May 2025
9 May 2025
Activists from Fossil Free London and Green New Deal Rising
Features / 31 January 2025
31 January 2025
BERNIE EVANS despairs of a government that is asking the crooks sucking Britain dry how to get the economy back on track
Activists from Fossil Free London and Green New Deal Rising
Britain / 29 January 2025
29 January 2025
A Thameslink train
Features / 13 September 2024
13 September 2024
SOLOMON HUGHES explains how rolling stock companies like Angel Trains will continue milking taxpayers for billions even after renationalisation, as Canadian pension funds and Texan oil billionaires cash in on our daily commutes