Labour is putting its plans for Britain in the hands of private finance. It could end badly.

In an opinion piece for The Guardian, Daniela V. Gabor, Roger W. Ferguson, Jr., and Annette L. Nazareth Member in the School of Social Science, argues that the Labour party in the United Kingdom will aim to "rebuild the infrastructure that is crumbling after years of Tory underinvestment" by turning to private investment companies such as BlackRock. Such an arrangement could impact many areas, from housing and education to health, nature, and green energy. Gabor contends that it "will generate windfalls for investors and leave the rest of us worse off."

She writes: "The risk is not only that our climate future will be vastly more expensive if actors such as BlackRock are driving it, but that this future will also produce a more unequal society, where citizens equate green measures with unaffordable public services. This may well provide the kindling for authoritarian, far-right fossil-fuel politics that reject the green transition and frame it as an assault on people’s living standards."

Read the article in full at The Guardian.