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Rachel Reeves Unveils Economic Growth Plan: 1.5m Homes, Housing Targets, and Onshore Wind

Jul 8, 2024, 09:42 AM

Rachel Reeves, the first female Chancellor of the Exchequer in Britain and aged 45, has announced a comprehensive economic growth plan following the Labour Party's recent landslide victory. In her first major speech, Reeves declared that economic growth is now the UK's 'national mission' and unveiled several key initiatives. These include restoring mandatory housing targets, lifting the ban on onshore wind farms, and reforming planning regulations to expedite construction projects. Reeves emphasized the need for immediate action, criticizing previous governments for deferring critical decisions. She also pledged not to raise VAT, National Insurance, or income tax, and announced that a detailed assessment of the UK's economic inheritance will be presented to Parliament before the summer recess. The Chancellor highlighted that 1.5 million homes are to be built within the next five years, with a focus on sustainable development and unlocking private investment. Liverpool was mentioned as one of the areas of immediate priority, and some developments will occur on Green Belt land.