Labour has revealed plans to accelerate infrastructure projects in order to stimulate growth and attract investment to the UK.
Shadow chancellor Rachel Reeves will advocate for a revamp of planning rules during her speech at the Labour conference, emphasizing the need to expedite green energy and 5G initiatives.
Labour claims that cutting regulations could unlock £50 billion annually in investment, with the reforms also benefiting working people. The proposal includes hiring 300 new planners in the public sector, rewriting planning guidance, and fast-tracking applications for key projects such as battery factories, laboratories, and 5G infrastructure.
To address delays caused by legal challenges, Labour aims to provide clearer national guidance for developers consulting local communities. Additionally, the party pledges community perks, such as reduced bills, for those residing near major projects.
Decision times for major projects have increased by two-thirds since 2012, according to Reeves, who emphasizes the need to consider economic growth and net-zero considerations. Labour’s vision is to achieve the highest sustained growth in the G7 through substantial investment in future-ready infrastructure, generating jobs and boosting wages.
The Director General of the British Chambers of Commerce and the Federation of Small Businesses have expressed support for the proposals, citing them as essential for economic recovery. However, a clash with the union Unite is expected, as they advocate for the nationalization of critical infrastructure, a move contested by Reeves and Labour leader Sir Keir Starmer.
The union’s motion calls for public ownership of energy and commitment to infrastructure projects, including HS2. Despite support for Reeves’ proposals, Unite leader Sharon Graham criticizes Labour for being too cautious and calls for a more transformative approach to the economy. She said that Labour will need to act “more like a 1945 transformative government”.
