📈 Fed's first cut since 2020: Time to buy the dip? See Tech-focused stock picksUnlock AI Picks

New British government proposes planning overhaul to boost growth

Published 07/17/2024, 06:55 AM
Updated 07/17/2024, 01:45 PM
© Reuters. File photo: A highway in Glasgow, Scotland, Britain, November 1, 2021.  Brendan Smialowski/Pool via REUTERS/File photo

LONDON (Reuters) - The new British government on Wednesday said that the delivery process for critical infrastructure would be streamlined and more power given to local leaders under a proposed planning overhaul aimed at unlocking growth.

New Prime Minister Keir Starmer has made boosting Britain's anaemic growth one of the government's core aims since winning a July 4 election, and has pledged to build, rather than block, new housing and infrastructure.

The government said that the proposed new planning law would support economic growth and that local consent would only be able to shape how, not if, new projects are built.

"My ministers will get Britain building, including through planning reform, as they seek to accelerate the delivery of high quality infrastructure and housing," King Charles said as he read out the government's legislative agenda.

The Planning and Infrastructure Bill will accelerate upgrades to the national grid, simplify processes around major new infrastructure projects and reform compulsory purchase compensation rules to block "excessive" payouts, the government said. It also plans to increase the capacity of local planning authorities.

In a separate proposed law, the government plans to establish a new framework for devolution in England, giving more powers to the mayors of metropolitan areas and to local combined authorities.

Local leaders will be given powers over planning, transport networks and jobs, as well as establishing a quicker process for more regions to be able to make use of such powers.

© Reuters. File photo: A highway in Glasgow, Scotland, Britain, November 1, 2021.  Brendan Smialowski/Pool via REUTERS/File photo

"My government believes that greater devolution of decision making is at the heart of a modern dynamic economy and is a key driver of economic growth," Charles said.

"Legislation will be introduced to give new powers to metro mayors and combined authorities. This will support local growth plans that bring economic benefit to communities."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.