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Business Times
11-06-2025
- Business
- Business Times
Rachel Reeves vows nationwide ‘renewal' for UK in spending review
[LONDON] Chancellor of the Exchequer Rachel Reeves vowed to renew Britain's infrastructure and public services as she outlined three years of spending plans to build roads, railways, houses and energy projects nationwide. 'We are renewing Britain,' Reeves said in the House of Commons on Wednesday (Jun 11). 'I know that too many people in too many parts of our country are yet to feel it. This government's task, my task as chancellor, and the purpose of this spending review is to change that. To ensure that renewal is felt in people's everyday lives, in their jobs, and on their high streets.' The spending review, allocating the funds raised at Reeves' tax-hiking Budget in October between different government departments, is a defining moment for Prime Minister Keir Starmer's administration as it seeks to regain momentum after a tough first year in power. The chancellor's choices will impact the quality of public services and voter perceptions through to the next general election in 2029. A key part of the spending review is the extra £113 billion (S$196.4 billion) Reeves had for public investment compared with the previous Conservative government's plans, a pot she created by loosening the government's fiscal rules to allow it to borrow more to invest. Reeves' largess includes £39 billion for an affordable homes plan, £14 billion for the Sizewell C nuclear project, £86 billion for British science and £15 billion for new transport infrastructure across the north and midlands of England. Reeves promised £3.5 billion of new funding for the Transpennine rail project in northern England and £2.5 billion for a line linking the university cities of Oxford and Cambridge. She also announced fresh backing for the Acorn carbon capture and storage project in Scotland and said that research and development spending would rise to a record £22 billion a year by 2029. The Treasury setpiece comes against a tricky political backdrop for Starmer and Reeves, who are seeking to win back favour with the electorate after a significant slump in Labour's poll ratings since winning power in a landslide last July. Nigel Farage's populist Reform party has consistently led Labour in national polling in recent months, and won a string of victories in local elections in May as the governing party and the main opposition Conservatives haemorrhaged seats. BLOOMBERG
Business Times
11-06-2025
- Business
- Business Times
Reeves vows nationwide ‘renewal' for UK in spending review
[LONDON] Chancellor of the Exchequer Rachel Reeves vowed to renew Britain's infrastructure and public services as she outlined three years of spending plans to build roads, railways, houses and energy projects nationwide. 'We are renewing Britain,' Reeves said in the House of Commons on Wednesday (Jun 11). 'I know that too many people in too many parts of our country are yet to feel it. This government's task, my task as chancellor, and the purpose of this spending review is to change that. To ensure that renewal is felt in people's everyday lives, in their jobs, and on their high streets.' The spending review, allocating the funds raised at Reeves' tax-hiking budget in October between different government departments, is a defining moment for Prime Minister Keir Starmer's administration as it seeks to regain momentum after a tough first year in power. The chancellor's choices will impact the quality of public services and voter perceptions through to the next general election in 2029. A key part of the spending review is the extra £113 billion (S$196.4 billion) Reeves had for public investment compared with the previous Conservative government's plans, a pot she created by loosening the government's fiscal rules to allow it to borrow more to invest. Reeves' largess includes £39 billion for an affordable homes plan, £14 billion for the Sizewell C nuclear project, £86 billion for British science and £15 billion for new transport infrastructure across the north and midlands of England. Reeves promised £3.5 billion of new funding for the Transpennine rail project in northern England and £2.5 billion for a line linking the university cities of Oxford and Cambridge. She also announced fresh backing for the Acorn carbon capture and storage project in Scotland and said that research and development spending would rise to a record £22 billion a year by 2029. The Treasury set-piece comes against a tricky political backdrop for Starmer and Reeves, who are seeking to win back favour with the electorate after a significant slump in Labour's poll ratings since winning power in a landslide last July. Nigel Farage's populist Reform party has consistently led Labour in national polling in recent months, and won a string of victories in local elections in May as the governing party and the main opposition Conservatives haemorrhaged seats. BLOOMBERG
BBC News
10-04-2025
- Business
- BBC News
MP says White Rose Station delays due to 'difference in opinion'
A "difference of opinion" between the public body funding a new railway station and a key landowner has led to an impasse at the site and work being paused, according to an on the White Rose Station between Cottingley and Morley, near Leeds, was halted in March 2024 after the cost of the project rose above the original £26m Sewards, MP for Leeds South West and Morley, said the stakeholders needed to find an "amicable solution" but that both sides were keen to "resolve issues" so that construction could resume.£22m of investment has come from West Yorkshire Combined Authority, with landowner Munroe K, the operator of the White Rose Park, providing £4m. Sewards said: "I've been frustrated with the lack of progress on the station, and it's really important that WYCA and Munroe K get together and find an amicable solution."He said that there was a difference in opinion between the two sides but having spoken to both parties it was clear "they wanted to resolve issues".Other major infrastructure developments have seen costs inflate by 20% due to the surge in prices for building materials. The scheme began in March 2022 with the station originally due to open in was designed to serve White Rose Business Park, the shopping centre and Elliott Hudson Sixth Form a joint statement WYCA and Munroe K said: "Following the temporary pause in construction at White Rose Station, we've been working with partners to resolve issues so that work can restart on the site."The station is a major priority for West Yorkshire and an update is anticipated in the coming months."West Yorkshire's mayor Tracy Brabin was also asked about the scheme and said that the Combined Authority was "in the process of sorting out the next steps and we'll get to a good position soon".White Rose Station would be served by trains on the Transpennine route between Leeds, Huddersfield and Combined Authority is also developing three other new railway stations in the region at Elland, Thorpe Park and Leeds Bradford at Elland is scheduled to start next year following a 25-year to highlights from West Yorkshire on BBC Sounds, catch up with the latest episode of Look North.
