Responding to Rachel Reeves’ speech this morning, CPS Director Robert Colvile said:
‘The vast bulk of the Chancellor’s speech was hugely welcome – and indeed echoed arguments the Centre for Policy Studies has been making forcefully for years. She is right that growth needs to be the absolute priority, that excessive and often conflicting regulation has held back business, that we need to redeploy pension capital, and that we need to build houses, factories, roads, railways and reservoirs. The Chancellor has even adopted proposals by the CPS’ Samuel Hughes – in partnership with UK Day One – to build a major new town at Tempsford, alongside a renewed commitment to the Oxford-Cambridge Arc, which we have long championed.
‘In short, those who want Britain to be a more prosperous and more dynamic country should cheer on every word. But there are two major caveats.
‘First, Labour’s rhetorical support for growth needs to be matched by action – whether that is on getting shovels in the ground for the Lower Thames Crossing or actually delivering the planning reforms we need to unlock housing. Because we have heard much of this before.
‘Second, the Chancellor’s support for growth comes off the back of a Budget that has done a huge amount to damage it. The Chancellor said she wanted to make Britain the best place in the world to be an entrepreneur – yet her own tax decisions have made that impossible. And in terms of damaging regulation, the Government’s own impact assessment confirms that its new union-friendly rules on workplace regulation will hit businesses with billions in further costs.’
ENDS
NOTES TO EDITORS
- Robert Colvile is Director at the Centre for Policy Studies.
- Later this week the CPS will be publishing a short briefing note on the importance of reforming corporation tax as one tool to boost growth.
- For further information please contact Emma Revell, External Affairs Director, on 07931 698246 or [email protected]
- The Centre for Policy Studies is one of the oldest and most influential think tanks in Westminster. With a focus on taxation, economic growth, business, welfare, housing and green growth, its goal is to develop policies that widen enterprise, ownership and opportunity.
Date Added: Wednesday 29th January 2025
