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Rachel Reeves, Chancellor of the Exchequer, is advocating for strategies to stimulate growth across the UK through a recent series of recent announcements.
She aims to “turbocharge” investment and push regulators to eliminate barriers in technology, manufacturing, and planning. In meetings with representatives from the rail, water, energy, and aviation sectors, Reeves emphasised the government’s commitment to growth and the need to unlock obstacles to see advancements.
Regulators have been tasked with proposing five reforms, which will be presented to the government for review in the coming weeks.
Reeves has highlighted the essential role of regulators in fostering a supportive environment for innovation and investment, while the government will complement these efforts with legislative support and funding.
Key interests for WEAF members include improving access to rail operator efficiency data and advancing drone solutions to boost public sector growth. An action plan will be published in spring, though details on regulations for uncrewed technologies remain unclear.
Rachel Reeves said: “There’s no substitute for growth. It’s the only way to create more jobs and put more money in people’s pockets, which is why it’s at the heart of our Plan for Change. Every regulator, no matter what sector, has a part to play by tearing down the regulatory barriers that hold back growth. I want to see this mission woven into the very fabric of our regulators through a cultural shift from excessively focusing on risk to helping drive growth.”
Furthermore, in line with the Government’s Plan for Change, Chancellor Rachel Reeves is committed to collaborating with local leaders across the UK to create pipelines for incoming investment. While the West of England is not included in the initial plans, tailored strategies will be developed for each region to address local needs and drive growth. WEAF will continue to push for investment and funding to the South West.
Rachel Reeves commented: “At Davos I’ve been telling some of the world’s biggest investors that the UK is a safe bet for their investments, whether that’s in London or Leeds. And in our mission for growth, it’s critical that we are growing every region’s local economy, that’s why we are doing things differently. Those with local knowledge and skin in the game are best placed to know what their area needs, and our transformative reforms will put local leaders at the centre of a network that will connect them with investment opportunities, bringing wealth and jobs to their communities.”
This initiative has outlined that manufacturing, technology, and green energy are key growth areas – this is aligned with the Industrial Strategy and Advanced Manufacturing whitepapers.
For further information, please visit:
Chancellor calls on watchdog bosses to tear down regulatory barriers that hold back growth – GOV.UK
Chancellor unveils plan to turbocharge investment across the UK – GOV.UK