Labour lays out planning overhaul and pitch to become the ‘undisputed party of business’
Labour is gunning to be the “undisputed party of business” as Rachel Reeves prepares to unveil a string of policies on planning, building and investment in a bid to woo the private sector.
Speaking at the Labour Party conference in Liverpool today, the shadow Chancellor will accelerate the planning process for critical national infrastructure as part of plans to revive the UK’s sluggish economy.
She will commit Labour to “once-in-a-generation” reforms to fast-track life sciences, 5G and battery factory projects, while tackling planning red tape.
Policies include turbocharging critical infrastructure planning within the first six months of a Labour government, fast-tracking priority economic growth areas and hiring 300 new planning officers.
The shadow Chancellor will also vow to restore business investment as a share of GDP to the level it was under the last Labour government, meaning an extra £50bn a year in the UK economy by 2030.
Reeves will claim “the single biggest obstacle to building infrastructure, to investment and to growth in this country is the Conservative Party”.
Labour is set to deliver many of its pitches for the business sector at multiple events today, with shadow business secretary Jonathan Reynolds addressing a sold-out business day breakfast with CEOs from Shell, IKEA, Siemens, Citi, Southern Water, and Lloyd’s of London in attendance.
Ahead of the event, Reynolds said: “While the Conservatives have crashed the economy… Labour is outlining our serious plans for growth, sorting out the problems holding British business back.”
Business day was oversubscribed, party officials said, with its largest-ever gathering needing to double capacity, leaving hundreds still on the waiting list for seats.
Lobby groups backed Reeves’ plans, with BusinessLDN boss John Dickie saying planning reform was key for the capital to “drive long-term, sustainable growth”.
While Shevaun Haviland, British Chamber of Commerce (BCC) director general, said she was pleased to see measures the organisation had called for being heard by Labour.
“Long-term investment in infrastructure is a key ingredient to get our economy back to growth,” she said.
Haviland also called for a “five-year period of certainty for full expensing”.
Martin McTague, chair of the Federation of Small Businesses, said this was “an encouraging start to Labour conference as far as small businesses are concerned.”
“The UK requires planning reform. This is a clear, grown-up policy that will help deliver infrastructure projects we need to stay competitive,” he said.