Reeves: ‘No time to waste’ in drive for greater economic growth

Chancellor Rachel Reeves will make kickstarting economic growth a “national mission” with major changes to speed up infrastructure projects and unlock private investment.

In her first major speech, Ms Reeves has vowed to take “difficult decisions” because there is “no time to waste” with boosting growth.

Labour will “fix the foundations” of the British economy, arguing that 14 years of Tory rule had cost £140 billion in lost growth.

Sir Keir Starmer’s administration has made faster economic growth, and the tax revenues that would flow from it, a key plank of its strategy to fund public services which are struggling for cash.

The Labour manifesto committed to wholesale planning reforms to make it easier to build and a greater focus on driving through key infrastructure projects which have become mired in delays and boost housebuilding.

The manifesto pledged to “immediately” update the National Policy Planning Framework to undo changes made by the Conservatives, including restoring mandatory housing targets.

The party also plans to allow building on some greenbelt land, promising to take a “more strategic approach” to “build more homes in the right places”.

Speaking in London, Ms Reeves will tell business chiefs: “Where governments have been unwilling to take the difficult decisions to deliver growth – or have waited too long to act – I will deliver.

Published: 08/07/2024 by Radio NewsHub