A shipping port in Southampton, Hampshire, England, UK. (Image: Adobe Stock)

The allocated 拢1.8 billion (US$2.2 billion) would come from the party鈥檚 Green Prosperity Plan (GPP), which is set to introduce a windfall tax on gas and oil companies to help fund UK enterprises. Labour added that the initiative is meant to help domestic manufacturing across the country.

鈥淭his investment will help crowd billions-of-pounds more of private sector investment into UK ports, harbours, and energy industry at our coasts, as part of Labour鈥檚 wider plans to end 14 years of industrial decline,鈥� said the party.

Regarding the GPP, Labour said, 鈥淭he Green Prosperity Plan will help support the creation of up to 650,000 good jobs in Britain鈥檚 industrial heartlands, by encouraging billions of private investment into industries such as Britain鈥檚 clean energy, steel, automotive, and construction industries.鈥�

The party said it plans to create the National Wealth Fund, which will be the mechanism by which the nearly 拢2-billion worth of port projects will be funded.

鈥淟abour鈥檚 plan will include investments to drive local and economic growth, giving opportunities to plumbers, electricians, welders, and workers in every single nation and region of the country,鈥� it said.

The Conservative Party are currently in power in United Kingdom but the next general election must be held no later than 28 January 2025.