We want to create wealth everywhere, but first we must fix the foundations of our country.
In the first few weeks of this Government, an audit found a £22 billion black hole in the public finances. It means we’ve had to take tough decisions, like means-testing the Winter Fuel Payment. Our Budget in October will be difficult.
But we have already taken action to improve the lives of working people in every corner of the country, from unlocking planning decisions to help build 1.5 million new homes to setting up Great British Energy, to create good jobs and provide clean energy to cut people’s bills in the long term.
Here are some of the things we are doing to fix the foundations of this country.
Setting up a new National Wealth Fund
Growth is the number one priority of this government. That’s why we set up the National Wealth Fund.
It is a publicly owned investment fund that will help attract investment into our country, stabilise our economy and create wealth for future generations.
It will help unlock private investment into the UK by directly investing in new and growing industries, and help create thousands of jobs in clean energy industries.
Accelerating housing planning
We’re overhauling our housing system to meet the needs of working people and put communities first.
Our plan will include introducing mandatory planning targets to aim to deliver on our ambition to build 1.5 million new homes over the next five years.
The new targets will boost housebuilding in areas most in need, to help more people buy their own homes, and help drive growth – making everyone in the country better off.
Putting passengers first We’ll put our rail system back on track with new laws to deliver for passengers.
They will improve the railways by reforming rail franchising, establishing Great British Railways and bringing train operators into public ownership.
Protecting taxpayer money
We’ll introduce legislation that makes sure nobody can play fast and loose with public finances.
A new Bill will strengthen the role of the Office of Budget Responsibility, meaning significant fiscal announcements must be properly scrutinised and that taxpayers’ money is respected.
Protecting workers’ rights
We’ll improve workers’ rights with new legislation – a significant step towards delivering this Government’s plan to make work pay.
We will ban exploitative zero-hours contracts, end fire and rehire, and introduce basic employment rights from day one.
And we’re changing the way the Minimum Wage is set so it keeps in line with the cost of living, in a move to put more money in working people’s pockets.
Launching GB Energy
Producing clean energy and creating good jobs will be our focus for the rest of the year. Great British Energy, a publicly owned, clean-energy company, will own, manage and operate clean power projects, such as wind farms, across the country.
Great British Energy will be headquartered in Scotland and paid for by a windfall tax on oil and gas giants. It will invest clean power projects across the United Kingdom, such as wind farms, which are the cheapest forms of electricity generation to build and operate.
This will help make our country energy independent, tackle climate change and save families money. And investing in clean domestic power will create jobs and build supply chains in every corner of the UK.
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