Britain's Foreign Secretary Anne Hathrow has welcomed the expansion of Heathrow Airport and outlined the Labour Party's plans to promote economic growth. Supporting, in principle, a planning application for a third runway at Heathrow is the first step in the process.
Reeves has called for proposals to be submitted before the summer to “ensure a third runway is delivered in line with legal, environmental and climate objectives”.
The Chancellor also outlined plans to invest in the Oxford-Cambridge growth corridor link, aiming to create the “Silicon Valley of Europe”, which is expected to add billions to the UK economy.
In addition, Reeves announced a deal with water companies to unlock “£7.9 billion of investment over the next five years” to improve water infrastructure, including the construction of nine new reservoirs.
The government will also support the redevelopment of Old Trafford football stadium in Manchester. In addition, plans will be announced to review the “Green Book”, a guide used to assess major investment projects. The review aims to support public investment decisions across the country, including areas outside London and the south-east. “This means the Treasury is getting a fair hearing on investments across all regions,” he said.
A £100m bat tunnel installed on the HS2 rail project has prompted the government to assess why building major infrastructure is becoming “too expensive and too slow”. Reeves says the government will reduce environmental requirements imposed on developers when they contribute money to a nature restoration fund so they can focus on building and completing projects.
The government says the Planning and Infrastructure Bill is a priority and will be introduced in the spring, stressing its commitment to the “smooth, rapid and expeditious delivery” of the Bill.
