Rachel Reeves will unveil her plans to get the economy firing – with plans to unlock a string of major projects, including in Greater Manchester, Cambridge and London
Chancellor Rachel Reeves will give a major speech on Wednesday as she reveals plans to fire up growth.
She will champion proposals to revitalise the area around Old Trafford – with housing and commercial development around a state-of-the-art stadium for Manchester United. The club is pushing for a new 100,000 seater ground or an 87,000-seat refurbished arena – a £2billion project dubbed the “Wembley of the North”.
Greater Manchester Mayor Andy Burnham wants a massive regeneration project around Old Trafford, which he said “represents the biggest opportunity for urban regeneration this country has seen since London 2012”. Manchester United would foot the bill for the stadium but public bodies would be involved in supporting creation of new homes and transport infrastructure.
The Chancellor will hail the project as she spells out her plans to get the economy firing, which is expected include backing the controversial expansion of Heathrow Airport. In a speech in Oxfordshire on Wednesday, Ms Reeves is expected to talk up Britain’s “huge potential”.
But she will add: “For too long, that potential has been held back. For too long, we have accepted low expectations, accepted stagnation and accepted the risk of decline.
“We can do so much better. Low growth is not our destiny. But growth will not come without a fight. Without a government that is on the side of working people, willing to take the right decisions now to change our country’s course for the better.”
She will also announce a bid to create “Europe’s Silicon Valley” by improving transport between Oxford and Cambridge, and building more homes to drive down prices. The Chancellor will pledge to create an Oxford-Cambridge Growth Corridor, clearing the path for a 4,500 home development in Cambridge, with schools and leisure facilities as well as office and lab space.
New reservoirs and a new train station are among the measures, as well as better transport links between the two university cities. The Treasury said the move could boost the UK economy by up to £78billion by 2035.
Ms Reeves will say the cities are “two of the least affordable in the UK” and it can take up to two and half hours to travel between Oxford and Cambridge by train. She will also point to the lack of rail options from towns like Bedford and Milton Keynes to Cambridge.
“Just 66 miles apart, these cities are home to two of the best universities in the world, two of the most intensive innovation clusters in the world and the area is a hub for globally-renowned science and technology firms in life sciences, manufacturing and AI,” she will say. “It has the potential to be Europe’s Silicon Valley. The home of British innovation.”
BLUESKY: Follow our Mirror Politics account on Bluesky here. And follow our Mirror Politics team here – Lizzy Buchan, Jason Beattie, Kevin Maguire, Sophie Huskisson, Dave Burke, Ashley Cowburn, Mikey Smith
POLITICS WHATSAPP: Be first to get the biggest bombshells and breaking news by joining our Politics WhatsApp group here. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you want to leave our community, you can check out any time you like. If you’re curious, you can read our Privacy Notice.
NEWSLETTER: Or sign up here to the Mirror’s Politics newsletter for all the best exclusives and opinions straight to your inbox.
PODCAST: And listen to our exciting new political podcast The Division Bell, hosted by the Mirror and the Express every Thursday.
Alongside support for a proposed third runway at Heathrow Airport, she is also expected to endorse expansion at Gatwick and Luton airports. There has also been speculation that Ms Reeves will support the Lower Thames Crossing, a road crossing between Kent and Essex, as well as a Universal Studios theme park near Bedford.
Keir Starmer has ordered ministers to ditch policies that block economic growth. The PM told business chiefs in London that the Government’s “growth mission” was now the driving force behind decisions – and that had been made clear to “each of our Cabinet colleagues”.
He said: “Should we do X? If it’s good for growth, good for wealth creation, the answer is ‘yes’, if it’s not then the answer is ‘no’.” Mr Starmer added: “We have to get our economy working. I think we’re beginning to see how that’s turning around. The number one priority of this Labour government is growth: growth, growth, growth.”