Key speech from the Chancellor
The Chancellor of the Exchequer, Rachel Reeves, delivered a key speech recently that served as an update on the government’s plans for delivering economic growth.
The plan largely focused on developments proposed around Oxford and Cambridge as well as a third runway at Heathrow. Here are some of the highlights from the speech.
Oxford and Cambridge Growth Corridor
The Chancellor highlighted the potential growth available in the area between Oxford and Cambridge and feels this could become Europe’s answer to Silicon Valley. Currently, slow transport links and a lack of affordable housing have been identified as holding this potential back.
She spoke about specific improvement to rail transport links and road upgrades for the area. Improvements to infrastructure in the area are also being prioritised, with a new hospital and reservoir being planned and additional housing and new schools and business premises being approved.
A new AI Growth Zone in Culham is intended to speed up planning approvals for rapid build-out of data centres. And Cambridge University are planning a new flagship innovation hub in the centre of Cambridge, partly to attract investment and partly to help with building an innovation-focused community.
Third runway at Heathrow
While a third runway has already been previously approved, plans are stepping up to bring this to reality. The government has invited proposals to be brought forward by the summer and will then take forward a full assessment through the Airport National Policy Statement.
The Chancellor reported that a third runway could increase GDP by 0.43% and create 100,000 jobs.
Other highlights
A number of other developments were discussed in the speech including proposed reforms to the employment system, pensions system, regulatory system and planning.
Investments by the National Wealth Fund in businesses and investments in infrastructure across the country were also highlighted.
For more information and to read the Chancellor’s speech in full, visit the .Gove website: https://www.gov.uk/government/speeches/chancellor-vows-to-go-further-and-faster-to-kickstart-economic-growth
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