The first of Sir Keir Starmer’s five “missions for national renewal”—improving living standards through economic growth—is the focus of the revelations.
Large-scale plans include nationalizing the railways, increasing the authority of the UK’s fiscal watchdog over spending pledges, and increasing the construction of homes and infrastructure in an effort to avert another Liz Truss mini-budget disaster.
This will stop ministers from making major unfunded spending commitments by guaranteeing that any significant increases to taxes and expenditure are subject to an independent evaluation by the Office for Budget Responsibility.
The National Wealth Act.
This will create a National Wealth Fund with £7.3 billion in money to deploy around the nation.
Through planning reform, this will “get Britain building” and hasten the construction of high-quality homes and infrastructure.
Modifying compulsory purchase compensation regulations will guarantee that landowners receive just compensation, without going overboard, for the delivery of essential infrastructure and affordable housing. Other measures include enhancing local planning decision-making through the modernization of planning committees and the augmentation of local planning authorities’ capabilities.
