Rachel Rebooted - Growth, growth, growth
Growth has been the byword of the Labour party in opposition for years and now in Government there is a steely determination to have a once-in-a-lifetime economic BOOM! When it comes to the record of the Government, growth is king and will be the measurement they use on all of their achievements in Government. And for that, RACHEL NEEDS YOU!
Rachel Reeves, delivered a speech at Siemens in Oxfordshire (note the venue) yesterday outlining her plans to ‘Kickstart Economic Growth' and she was championing the investment that is coming or potentially available – but one thing she was even clearer on is that it all takes too long to get started and planning is a major obstacle.
In her approach to reforming planning she outlined three key pillars:
Rapidly streamlining process for determinations
Make consultation less burdensome
Reform approach to environmental regulations
These three pillars suggest the Planning and Infrastructure Bill will deliver significant change to planning regulations, meaning that it will be easier for applicants to secure approvals if they are delivering nationally important infrastructure. One of the key points the Chancellor pointed to is the environmental regulations developers need to deal with, and that these can be a blocker or translate to a significant cost. She announced a Nature Recovery Fund which would be for developers to contribute to in order to NOT be burdened by environmental regulations.
Rach also confirmed that the Government would be address judicial reviews so they cannot be used as a blocker to important projects.
Her speech struck a much more optimistic tone than what has been served up over the last few months, and the dedication to growth above all is absolutely at the centre of the Government’s vision. It’s clear she’s now trying to present a more optimistic vision for the country to build confidence and her hurry to get things moving will definitely contribute.
This “shot in the arm” to get the economy going includes:
- Plans to build "Europe's Silicon Valley" between Oxford and Cambridge - introducing funding for transport, homes, a university innovation hub and the prioritisation of a new hospital;
- Nine new reservoirs will be built, with the Government letting water companies unlock £7.9bn in investment for the project;
- There will be new guidance on building major infrastructure, with the Government hoping for "investment in all regions being given a fair hearing" (Devil in the detail to come);
- The Government will invest in two green energy projects through the National Wealth Fund - £65m to an electric vehicle charging company to extend its network, and £28m to Cornish Metals to provide raw material for solar panels, wind turbines and electric vehicles.
We are keenly awaiting the detail on the Planning and Infrastructure Bill… watch this space!
Thanks to Morgan Rise for his analysis!
Henry