Chancellor Rachel Reeves will announce a range of measures to boost the UK economy, including reviving the Oxford-Cambridge Growth Corridor and investing in new reservoirs.
Rachel Reeves , the Chancellor of the Exchequer, is set to unveil Labour's comprehensive plan for economic growth on Wednesday, emphasizing that achieving it will require a determined effort. Her speech, considered a pivotal moment for a chancellor grappling with sluggish economic headwinds, is expected to announce a range of initiatives designed to stimulate the UK economy.
Among the key measures anticipated are plans to revitalize the Oxford-Cambridge Growth Corridor, a project previously shelved by the Conservatives, with the government highlighting its potential to contribute £78 billion to the UK economy by 2035. Reeves will also confirm an agreement enabling water companies to invest £7.9 billion in constructing nine new reservoirs, a significant investment in water infrastructure, marking the first time new reservoirs have been built in the UK since 1992. The government will support the redevelopment of Manchester United's Old Trafford stadium and its surrounding area, coupled with a review of project appraisal and evaluation processes to ensure public investment effectively supports development across the country, extending beyond London and the southeast.Furthermore, Reeves will outline a new approach to the National Wealth Fund and the Office for Investment, aiming to accelerate regional development. The Chancellor will stress that low growth is not the inevitable fate of the UK, but achieving sustained growth demands a proactive government dedicated to supporting working people and making strategic decisions to drive positive change. She will underscore the government's commitment to growth, emphasizing that it requires a concerted effort, a government that stands alongside working people and makes the necessary choices to reshape the country's trajectory. This commitment to growth aligns with Labour's election manifesto pledge to increase both housing and infrastructure development, crucial elements in the government's strategy to overcome the persistent economic challenges. A key indicator of the government's economic plan's effectiveness will be the Office for Budget Responsibility's forecast on March 26th, which will provide insights into whether the projected growth is achievable. The government's growth ambitions face potential roadblocks, including the possibility of further budget cuts or tax hikes if growth remains elusive. To address NIMBYism (Not In My Backyard) opposition to new construction projects, Prime Minister Keir Starmer has pledged to confront those who resist development in their vicinity. The Oxford-Cambridge Growth Corridor will receive significant attention, with the Chancellor announcing that the Environment Agency has withdrawn its opposition to 4,500 new homes near Cambridge following collaboration with regulators and local authorities. The Prime Minister has also expressed his desire to reduce legal challenges to planning applications. Other developments in the region receiving government backing include increased funding for East-West Rail, with new services linking Oxford and Milton Keynes, and improvements to the roads connecting Milton Keynes and Cambridge. The Chancellor will also announce support for a new East Coast Mainline Station at Tempsford, located between Cambridge and Milton Keynes. Sir Patrick Vallance, a prominent figure during the COVID-19 pandemic as the government's chief scientific adviser, will be appointed as the Oxford-Cambridge Growth Corridor champion. Reeves will highlight the immense potential of this region, boasting two of the world's leading universities, two of the most innovative clusters globally, and a hub for internationally renowned science and technology firms in life sciences, manufacturing, and artificial intelligence. She will emphasize that with strategic investment and collaboration, this region has the potential to become Europe's Silicon Valley, a center of British innovation. However, she will also acknowledge the challenges, specifically the lack of direct commuter links between Oxford and Cambridge and the shortage of affordable housing in the area. The Chancellor will state that the industrial strategy will aim to capitalize on the strengths and potential of this unique region
ECONOMY GROWTH OXFORD-CAMBRIDGE ARC RESERVOIRS LABOUR PARTY RACHEL REEVES KEIR STARMER UK POLITICS
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