Rachel Reeves will announce more investment in electric car charging as she tears up planning rules and gives the green light to major infrastructure projects in a bid to convince voters and businesses she is serious about growing the economy.
The Chancellor will make a speech in Oxfordshire on Wednesday setting out her plan to boost growth after a bruising first few months in office which saw the corporate world rebel against her tax-hiking Budget.
She is set to announce the expansion of London airports, a new growth zone between Oxford and Cambridge, and a relaxation of planning laws which the Government says are holding back the economy.
One of the announcements will be a £55m investment in a car charging company from the new National Wealth Fund, The i Paper understands.
Connect Kerb, which installs infrastructure to allow people who do not have a driveway to charge their electric vehicle – for example in blocks of flats, offices and supermarkets – is hoping to quadruple the number of charging sockets it provides to 40,000. It has also secured a fresh round of private investment at the same time.
A lack of easily available charging points is seen as a key barrier to the adoption of electric cars, ahead of the 2030 deadline for banning the sale of new petrol and diesel vehicles.
There are currently around 74,000 public charging points in total across the UK, along with an estimated 850,000 installed in people’s homes and workplaces.
The Chancellor’s speech is intended to set a more positive tone after the business backlash to the Budget, wrap up all the pro-growth announcements made in recent weeks, and set out the Government’s next steps.
Multiple Labour MPs have warned the Government against the expected decision to allow Heathrow airport to build a third runway, arguing that it would damage the environment and increase noise pollution over London.
Speaking to business leaders ahead of the speech, Sir Keir Starmer promised that in future all Government decisions will have to be examined for whether or not they boost economic growth.
Those with a negative effect on growth will not necessarily be vetoed, but Cabinet ministers will be expected to take the issue into account at all times.Starmer said: “When you’re answering the question, ‘should we do X, or should we do Y’, that is guided by the mission. Should we do X? If it’s good for growth, good for wealth creation, the answer is ‘yes’, if it’s not then the answer is ‘no’. It prioritises and gives a sense of direction to Government.”
CEOs who attended the meeting in the City of London said they were pleased to see senior ministers take a more bullish approach to the economy.
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Read MoreJennie Daly, chief executive of homebuilder Taylor Wimpey, said: “It is clear that planning reform is an essential driver of economic growth and that there is a need for regulators to adopt this mindset.”
Debbie Crosbie, the head of Nationwide, added “The Government’s focus on economic growth is vital to improve living standards, support public services, and increase UK competitiveness. “The drive to remove the regulatory barriers that limit growth are very welcome, particularly when they increase access to the housing market.”
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