The Chancellor unveiled new supply-side reforms focused on alleviating chronic underinvestment in the UK's economy, a significant barrier to growth since the 2008 financial crisis. Key measures include a planning and infrastructure bill to ease objections to building projects and encourage corporate investment while revamping pensions regulations to tap into defined benefit surpluses. Highlighting crucial transport projects like Heathrow's third runway, Reeves committed to increasing public investment to an average of 2.6% of GDP over the next five years, though this remains significantly less than Labour's prior environmental investment goals.
The chancellor emphasized a need for supply-side reforms to address chronic underinvestment in the UK economy, crucial for stimulating growth and development.
To drive investment, Reeves plans a new planning bill to simplify infrastructure projects and facilitate construction, addressing barriers that currently exist.
Reeves identified essential transport projects, like the Heathrow runway, as critical for growth, highlighting governmental weakness in managing infrastructure advancements.
While public investment will rise to 2.6% of GDP in five years, it still falls short of Labour's ambitious green prosperity plan aimed at funding eco-friendly initiatives.
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