The UK Labour party has unveiled a new plan to set up a state-owned development company to build 37 new offshore wind farms in domestic waters by 2030.

The ‘People Power Plan’ would see 52GW of offshore wind online by the end of the next decade, up from the existing 30GW target.

Labour’s Regional Energy Agencies will be responsible for owning, developing and operating a 51% public stake in new offshore wind farms, the party said.

The strategy also envisages the setting up of a coastal infrastructure fund that would invest between £600 and £1bn every year from 20% of the wind farm profits.

The remaining 80% will be reinvested into new renewables generation, improvements to the wider energy system and climate transition, under the plan.

“The People’s Power Plan will create at least 67,000 new unionised high-skilled jobs in the offshore wind sector, with particular concentrations in Scotland, Yorkshire & Humber, East Anglia and North-East England.”

The Jeremy Corbyn-led party said current deployment rates are “too slow” and that the private ownership of existing developers takes “jobs and revenue out of the UK”.

Shadow Energy Secretary Rebecca Long Bailey (pictured) said: “Britain has long benefited from its windy shores, with the wind playing an essential role in our history as a seafaring nation. Our wind will soon become our largest energy source.

“While UK’s offshore wind industry is still young, the UK has the opportunity to avoid replicating Britain’s experience with North Sea Oil and instead to learn from countries such as Norway and Sweden by owning what is already ours.

“By taking a stake in offshore wind, we can collectively benefit from the profits, investing them back into our held back coastal communities. That wind will turn into harbour fronts and libraries. Instead of jackets for wind farms located in Scotland being made in Indonesia, we’ll bring those jobs back to Fife.”