Chancellor Rachel Reeves says she will go “further and faster” to kick start the economy with up to £78 billion of new investment in infrastructure.
If you want to take advantage of that improved infrastructure, where should you invest?
These are the hotspots that Reeves identified in her keynote speech yesterday.
- National Wealth Fund (NWF) and the Office for Investment (OfI) will build pipelines of incoming investment and projects linked to regional growth priorities. This includes the NWF trialling Strategic Partnerships in Greater Manchester, West Yorkshire, West Midlands, and Glasgow City Region and the OfI piloting an approach in the Liverpool City Region and the North East Combined Authority;
- The Environment Agency has lifted its objections to a new development around Cambridge that could unlock 4,500 new homes and associated community spaces such as schools and leisure facilities as well as office and laboratory space in Cambridge City Centre;
- The government has agreed for water companies to unlock £7.9 billion investment for the next five years to improve our water infrastructure and provide a foundation for growth. This includes nine new reservoirs, such as the new Fens Reservoir serving Cambridge and the Abingdon Reservoir near Oxford;
- Better transport links including new services between Oxford and Milton Keynes this year and upgrading the A428 to reduce journey times between Milton Keynes and Cambridge.
- Prioritisation of a new Cambridge Cancer Research Hospital as part of the New Hospitals Programme bringing together Cambridge University, Addenbrookes Hospital and Cancer Research UK;
- Support for the development of new and expanded communities in the Oxford-Cambridge Growth Corridor and a new East Coast Mainline station in Tempsford, to expand the region’s economy;
- A new Growth Commission for Oxford, inspired by the Cambridge model, “to review how best we can unlock and accelerate nationally significant growth for the city and surrounding area”;
- A review of the Airports National Policy Statement (ANPS) and granting development consent for a new runway at Heathrow;
- Imminent decisions on expansion plans at Gatwick and Luton shortly, and possible reopening of Doncaster Sheffield Airport;
- The construction of an advanced manufacturing park within the East Midlands Freeport zone to unlock £1 billion of investment and 2,000 jobs;
- The government is assessing options for privately financing the Lower Thames Crossing, which will improve connectivity across ports;
- Backing plans for the regeneration of the area around Old Trafford, including new housing and commercial development, and the new approach to planning decisions on land around Manchester rail stations;
- Investing £28 million in Cornish Metals to provide the raw materials to be used in solar panels, wind turbines and electric vehicles, supporting growth and jobs in the South West of England.
- Resources on Investment Zones, with the Wrexham and Flintshire Investment Zone to focus on the area’s strengths in advanced manufacturing. Backed by the likes of Airbus and JCB, this is expected to crowd in £1 billion of private investment over a decade and create up to 6,000 jobs.