The Spring Budget looks set to be all about tax cuts, not investment. This is a mistake, as we need more investment to shift the green economic transition up a gear.

The UK invested half a trillion pounds less than our OECD peers over the last two decades. Had we been less short-sighted and, for example, used this money to build up our offshore wind capacity and the infrastructure for export, we would now be one of Europe’s largest net energy exporters rather than being reliant on costly and unreliable imports. This failure underlines the costs of failing to invest for the future.

To create the fiscal space for more public investment, and to incentivise more private capital, the UK needs new fiscal rules that encourage productive investment, and it should make an effort to create new markets for private capital in nature and net zero. We also call for long-term reforms to the auction process for offshore wind, and market reform to help people insulate their homes.