Chancellor Rachel Reeves emphasizes economic growth in her first speech to business leaders

In a significant move to boost economic growth and address housing shortages, Rachel Reeves, the newly appointed Chancellor, is set to announce the end of obstacles to housing development and major infrastructure projects, including building on parts of the green belt. The Labour government plans to issue mandatory targets to councils to pave the way for hundreds of thousands of new homes before the parliamentary summer break. Treasury chief secretary Darren Jones emphasized the importance of stimulating economic strength and growth as Labour's primary mission, aiming to eliminate inertia in decision-making processes regarding housing projects. Reeves acknowledges the strained public finances and asserts that prioritizing growth is crucial for enhancing the country's prosperity. Planning reform is highlighted as a key initial step to lay the groundwork for economic recovery and national rebuilding efforts. The government's focus on boosting growth through infrastructure development and private investment underscores a commitment to revitalizing the economy and addressing long-standing challenges in the planning system. Reeves' emphasis on fixing the foundations of the British economy signals a proactive approach to driving growth and investment. The government's plans include reinstating compulsory housebuilding targets for local authorities, easing restrictions on green belt development, and streamlining planning regulations to accelerate infrastructure projects. The Labour government's agenda prioritizes economic growth, public service investment, and infrastructure development as essential components of its strategy to propel the country forward. As the new government under Reeves takes office, a series of announcements and commitments have been made, including plans to recruit a border security commander, uphold military aid pledges to Ukraine, and increase defense spending. The government's focus on growth, coupled with a willingness to make tough decisions and engage with stakeholders, sets the tone for a proactive and ambitious agenda aimed at revitalizing the economy and addressing critical challenges facing the nation.