In a speech delivered at Siemens in North Oxfordshire today, Chancellor Rachel Reeves outlined the government’s strategy to invigorate the UK’s economy, promising to go “further and faster” to deliver the government’s Plan for Change to kick start economic growth.
Central to the Chancellor’s plan is the government’s endorsement of a third runway at Heathrow Airport, a project anticipated to generate over 100,000 jobs and bolster the UK’s global links.
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Reeves emphasised the project’s potential, stating, “I have always been clear that a third runway at Heathrow would unlock further growth, boost investment, increase exports, and make the UK more open and more connected as part of our Plan for Change.”
The proposal, while promising significant economic benefits, faces opposition from environmental groups and political figures, including London Mayor Sadiq Khan, who express concerns over potential increases in noise, air pollution, and contributions to climate change.
Reeves also unveiled plans to establish a technological hub between Oxford and Cambridge, aiming to create a “Silicon Valley” that could contribute an estimated £78 billion to the economy over the next decade.
This initiative seeks to leverage the region’s academic and research strengths to drive innovation and economic expansion.
To ensure balanced economic development, the Chancellor announced a review of government guidance on major projects, aiming to support investments beyond the traditionally prosperous South East. “This means that investment in all regions is given a fair hearing by the Treasury that I lead,” Reeves asserted.
In alignment with the government’s commitment to sustainable growth, Reeves detailed investments through the National Wealth Fund into green energy projects. This includes a £65 million investment in electric vehicle charging company Connected Kerb to expand their network, and £28 million in Cornish Metals, a supplier of raw materials essential for renewable technologies such as solar panels and wind turbines.
Building on recent announcements, the Chancellor highlighted a new approach for the National Wealth Fund and the Office for Investment to collaborate with local leaders. This strategy aims to develop pipelines of investment projects aligned with regional growth priorities, with pilot programs in areas including Greater Manchester, West Yorkshire, West Midlands, Glasgow City Region, Liverpool City Region, and the North East Combined Authority.
Reeves concluded her address with a resolute message: “Low growth is not our destiny, but that economic growth will not come without a fight. Without a government that is on the side of working people. Willing to take the right decisions now to change our country’s course for the better.”
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Mike Randall, CEO of Simply Asset Finance, responded positively to the Chancellor’s commitments, stating:
“The Government has clear ambitions to unlock opportunities for businesses, and we welcome the news of further investment in UK industry enabled by the National Wealth Fund. Now, it will be crucial to work closely with businesses and finance providers to ensure all businesses can take advantage of these funds.”