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Britain takes immediate steps to stimulate growth and address housing shortage
Economic 07/09/2024
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Britain's new finance minister on Monday outlined a series of rapid measures, including reviving the UK's weak economic growth and addressing the national housing shortage.
“I have repeatedly warned that whoever wins the general election will inherit the worst set of circumstances since the Second World War,” newly appointed finance minister Rachel Reeves said in her first major speech in the job. “What I have seen in the last 72 hours only confirms that.”
Reeves, a former Bank of England economist, is Britain's first Chancellor of the Exchequer.
When new Prime Minister Keir Starmer appointed his first minister.
Ahead of her first speech, she defended economic growth as a party priority and a "national mission" and is not expected to present a state budget anytime soon, saying she will unveil a clear timetable "in due course."
Reeves added that she had instructed Treasury officials to produce an assessment of the state of British spending inherited from the previous Conservative administration, which she aims to present to parliament before the summer recess.
Housing and planning took centre stage in Reeves' speech, saying: "First, we will reform the national planning policy framework, consulting on a new, growth-focused approach to the planning system before the end of the month, including restoring mandatory housing targets."
“We will end the absurd ban on new onshore wind farms in England,” she said. Housebuilding has emerged as a key priority for the Labour government, which is seeking to break through red tape that has chronically constrained housing supply and bloated the country’s property market.
A total of 212,570 new homes were completed last year under the Conservatives, according to government figures, while the Resolution Foundation think tank found in late March that UK households were receiving “a product that was inferior in quantity and quality”, even as “compared to our general price levels, the UK has the highest quality-adjusted house prices of any advanced economy.”
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