'Europe's Silicon Valley' at heart of government's growth plans, Reeves to announce
'Europe's Silicon Valley' at heart of government's growth plans, Reeves to announce
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Rachel Reeves will unveil Labour's plans to grow the UK economy on Wednesday, warning it "will not come without a fight". The chancellor is expected to announce a raft of measures including developing Oxford and Cambridge - which she says has the "potential to be Europe's Silicon Valley" - building nine new reservoirs and the redevelopment of Old Trafford.
The speech is considered a key moment for a chancellor who has struggled with sluggish economic headwinds since her first budget last autumn. Politics latest: Follow the chancellor's speech on Wednesday morning. Despite intense speculation, the government has not yet announced whether they will back a third runway at Heathrow, or further developments at other airports.
In a speech on Wednesday, Ms Reeves will confirm:. • Support for the Oxford-Cambridge Growth Corridor - also known as the Oxbridge Arc - that was scrapped by the Conservatives in 2022. The government points to a report claiming the development, including transport, business growth, and housing, could add £78bn to the UK economy by 2035;.
• An agreement that allows water companies to spend £7.9bn to build nine new reservoirs, with two planned for Somerset and then one each in Lincolnshire, Hampshire, Cambridgeshire, Oxfordshire, Suffolk, Kent and West Midlands. A new reservoir hasn't been opened in the UK since 1992;.
• The government will back the redevelopment of Manchester United's Old Trafford stadium and its surrounding area, alongside plans to change the way projects are appraised and evaluated, in order to "support decisions on public investment across the country, including outside London and the southeast";.
