Chancellor Rachel Reeves Sets Ambitious Housing and Green Energy Goals in Landmark Speech

In her inaugural address as Chancellor, Rachel Reeves detailed Labour's strategy to address the housing shortage in the UK, including introducing compulsory housing quotas to stimulate construction and removing the prohibition on onshore wind farms.

Political correspondent @alixculbertson

Monday, July 8, 2024, 1:

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Rachel Reeves has declared compulsory housing quotas and the cessation of the ban on onshore wind to kickstart construction across the UK.

The UK's inaugural female chancellor announced that Labour plans to establish a new taskforce aimed at expediting the development of delayed housing projects across the nation.

She assured that her administration would construct 1.5 million new homes within the next five years, fulfilling the commitment made in the Labour Party's campaign platform.

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"In her inaugural address following Labour's victory in the general election last Thursday, she asserted that the party has no intention of backing down from the promises made in their manifesto."

"We've been given a clear directive. We plan to fulfill that directive."

Ms. Reeves declared that the administration plans to:

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• Reestablish compulsory targets for house construction

• Construct 1.5 million homes by the close of this parliamentary term, including both affordable and council housing

• Lift the prohibition on onshore wind farms

• Formulate a new task force to expedite the development of halted housing projects

• Equip local governments with an additional 300 planning officials nationwide

• Reassess previously rejected planning proposals that could benefit the economy

• Give priority to developing brownfield and greybelt sites to achieve housing goals as necessary

• Overhaul the planning system to ensure it supports the delivery of essential infrastructure

• Announce upcoming policy plans concerning vital infrastructure.

Discover more: Who are the members of the Prime Minister's latest team? Insights into Labour's initial 100 days in office.

In 2019, the Conservative administration committed to constructing 300,000 new homes annually, setting obligatory construction quotas for every local council.

However, in December of the previous year, the original plan was abandoned and the commitment was reduced to merely a goal, after worries emerged that constructing homes could harm local communities.

Ms. Reeves stated, "We will reintroduce obligatory housing quotas, ensuring that the response isn't perpetually negative."

"The responsibility for determining the locations for new housing construction will rest with local communities, but the development is mandatory."

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The newly appointed chancellor announced that the administration has initiated progress on its housing commitments, approving the construction of 14,000 new residences in areas including Liverpool Central Docks, Worcester, Northstowe, and Langley Sutton Coldfield.

She mentioned that Angela Rayner, the Deputy Prime Minister, is reevaluating the decisions on planning appeals for data centers located in Buckinghamshire and Hertfordshire.

She added that priority will also be given to completing ongoing infrastructure projects.

Prior to the vote, the chancellor cautioned that the incoming administration would face the most challenging situation since World War II.

On Monday, she stated, "The events of the last three days have only reinforced my opinion."

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During the past weekend, she initiated a study by the Treasury which revealed that if the UK's economic growth had matched the average growth of other OECD countries since 2010, the year the Conservatives came to power, its economy would have surpassed its current size by over £140 billion. This increase could have generated an additional £58 billion in tax revenues in 2023, funds that could have been allocated to public services.

Ms. Reeves announced that the analysis would be submitted to parliament before the summer break, with the exact date still to be determined. Additionally, a comprehensive Budget is scheduled for this fall, which will include projections from the Office for Budget Responsibility.

In response to a question from Sky News' economic editor Ed Conway about the timing for economic growth, Ms. Reeves stated, "We are now beginning to implement measures for [growth]."

"We are initiating our initial measures to revive economic expansion. I am serious about this, and we are actively pursuing the necessary actions to stimulate that growth."

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