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Labour’s Chancellor, Rachel Reeves, has back plans for a third runway at London’s Heathrow Airport, along with expansions at Luton and Gatwick airports and the creation of a “growth corridor” between Oxford and Cambridge, which she said could become “Europe’s Silicon Valley”. Reeves suggested the combination would “make Britain the world’s best connected place to do business” and would support industry throughout the country. The authorisation for the development was delayed for years due to environmental concerns, however, the government believes that improvements in aviation technology mean that a third runway would not break the UK’s carbon reduction rules and it is keen to boost trade and boost the economy. Reeves stated that proposals for Heathrow expansion should be brought forward by the summer and that the money expected would come from private sources.
Labour leaders have vowed to boost growth to improve public services, living standards and enhance its chances of winning the next election. Reeves injected confidence into her speech on Tuesday, claiming that the government had started to turn things around and was prepared to go “further and faster” to boost growth. She also announced major projects that included redevelopment at Old Trafford, home of Manchester United FC, and plans to bring Doncaster/Sheffield airport back into use and boost industry at East Midlands airport. Along with this, the government is to improve rail and road links to cut journey times between Oxford and Cambridge, create new reservoirs to address water shortages in the area and invest in high tech industries. Reeves claimed the new “growth corridor” could add up to £78bn to the UK’s economy by 2035.
Reeves addressed the accusations that the Budget was “job destroying” and blamed the decision for increasing employers’ National Insurance on the Conservatives. However, she did not rule out further increases.
However, the plans have mostly been dismissed by Conservative leader Kemi Badenoch, who has claimed that Labour’s employment laws will devastate any prospect of growth
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