Chancellor Rachel Reeves: “We believe if you can work, you should work. But if you can’t work, you should be properly supported”
Significant welfare reforms were announced to build the economy and get Britain working in the Spring Statement
£1 billion will be invested to provide personalised employment, health and skills support from 2026-2027 to help people start or stay in work
This will build on existing support from WorkWell, Connect to Work and the Get Britain Working trailblazers
Universal Credit Standard Allowance will be increased for new and existing claims above inflation from 2026-2027 This means the standard allowance weekly rate for a single person aged 25 and over, will increase from £92 in 2025-2026 to £106 in 2029-2030.
To ensure PIP is focused on those with higher needs, a new eligibility requirement will be introduced Please be assured there will be no immediate changes to your health and disability related benefit payment.
Chancellor ‘delivers security and national renewal in a new era of global change’
Chancellor vows to bring about “new era of security and national renewal” as she delivered a Spring Statement to kickstart economic growth, protect working people and keep Britain safe.
People to be on average £500 a year better off by the end of this parliament compared to under the previous government, putting more money in people’s pockets.
OBR forecast concludes government’s landmark planning reforms will result in a £6.8 billion boost to the economy and housebuilding at its highest level in over 40 years by 2029-30
Growth at the heart of Plan for Change as £13 billion of additional capital spend allocated alongside £2.2 billion defence funding boost next year.
THE Labour government said people will be on average £500 better off from 2029, relative to OBR’s autumn forecast, helping to deliver the Plan for Change as the Chancellor yesterday (Wednesday 26 March) announced a Spring Statement to grasp the opportunities in a changing world.
THEY WON’T. From November 2026, 370,000 people who already get PIP will lose it and another 430, 000 who would qualify now no longer will. These people will lose £4500 a year each. And 150,000 carers who look after them will no longer receive their £83.30 a week Carer’s Allowance.
The OBR has also concluded that the government’s landmark planning reforms will result in UK housebuilding reaching its highest level in over 40 years, bringing the UK one step closer to its Plan for Change mission to build 1.5 million homes.
The government says economy will be 0.2% larger in 2029-30 because of the reforms – worth around £6.8 billion in today’s money – growing to 0.4% over the next ten years. This represents the biggest positive growth effect it has ever forecasted for a policy that comes at zero-cost to taxpayers. The reforms will secure over 170,000 new homes for hard working families and leave borrowing £3.4 billion lower in 2029-30.
The Chancellor also set out how the government is protecting national security and maximising the growth potential of the UK defence sector by confirming a £2.2 billion increase in the defence budget in 2025-26 while ensuring UK defence is on the cutting-edge of technology and innovation.
But growth is still not where it should be, so at this Spring Statement, this government has gone ‘further and faster’ to kickstart growth by training up to 60,000 young people to get Britain building again; increasing capital investment by £13 billion over this parliament; and fixing public services by tearing out waste from its roots.
Growth
Kickstarting economic growth is the number one mission of this government, putting more money in people’s pockets. The government has already made considerable progress; supporting a third runway at Heathrow; revitalising the Oxford Cambridge Growth Corridor, launching the National Wealth Fund and making the right choices on public investment to drive growth across the UK.
The actions of this government across the Autumn Budget and Spring Statement, if sustained, lead to a 0.6% rise in the level of real GDP by 2034-35, signalling the government’s growth plan is working.
The OBR concluded that the stability rule is met by £9.9 billion and the investment rule is met by £15.1 billion. Both rules are met two years early, meaning from 2027-28 the government is only borrowing for investment and net financial debt is falling.
The government is not satisfied with short-term growth figures, and is going further and faster today to improve this:
To go further and faster to get Britain building, the Chancellor has today announced a further £13 billion of capital investment over the Parliament to go further on growth, on top of the £100 billion uplift announced at Autumn Budget. This will deliver the projects needed to catalyse private investment, boost growth and drive forward the UK’s modern industrial strategy – unlocking the potential of the Oxford Cambridge Growth Corridor which could add up to £78 billion to the UK economy by 2035.
Taken together, this greater capital investment more than offsets the modest savings on day to day spending and means the total departmental spending will increase over the next five years, when compared with plans in the Autumn.
Over this Parliament, the government is funding a £625 million package to boost skills in the construction sector, which is expected to provide up to 60,000 more skilled construction workers to support the government’s plans to deliver 1.5 million homes in England over the parliament and progress vital infrastructure projects.
As part of this, the government is providing further support to scale up existing construction skills pathway over this Parliament through £100 million for 35,000 additional training places in construction-focused Skills Bootcamps, supporting trainees, ‘returners’, and existing employees to succeed in the sector. Building on the £40 million investment in the new Growth and Skills Levy at Autumn Budget 2024, the government is also providing a further £40 million to support up to 10,000 more young people to access new construction Foundation Apprenticeships, which will provide a key entry route into a thriving industry.
The government is ensuring there are enough skilled construction workers in the system, with £100 million to deliver 10 Technical Excellence Colleges specialised in construction across every region in England, and £165 million to increase funding for training providers delivering construction courses for 16-19-year-olds and adults.
The government is committed to supporting employers to unlock further investment in training to deliver more skilled construction workers, and is providing £100 million, alongside a £32 million contribution from the Construction Industry Training Board to deliver up to 40,000 industry placements in construction each year.
Supported by the construction skills package, the government confirmed this week that there will be a £2 billion injection of new grant funding to deliver up to 18,000 new social and affordable homes. The new funding will only support developments on sites that will deliver in this Parliament, getting spades in the ground quickly to build homes in places such as Manchester and Liverpool.
Defence
The world is changing before our eyes, reshaped by global instability, including Russian aggression in Ukraine. Europe is facing a once-in-a-generation moment for its collective security, with conflicts overseas undermining security and prosperity at home.
A month ago, the PM announced the biggest sustained increase in defence spending since the Cold War as a result of the changing global picture, now reaching 2.5% of GDP by April 2027, and with an ambition to reach 3% in the next Parliament subject to economic and fiscal conditions.
We are going further and faster to protect our national security and maximise the economic growth potential of the UK defence sector:
Increasing the defence budget by £2.2 billion in 2025-26, taking additional spending on defence to over £5 billion since the Autumn Budget.
This raises spending on defence to 2.36% next year and will be invested in fitting Royal Navy ships with Directed Energy Weapons five years earlier than planned, providing better homes for military families and modernising His Majesty’s Naval Base Portsmouth.
Setting a minimum 10 percent ringfence for equipment spending on emerging technologies like drones and autonomous systems, dual-use technology, and AI-powered capabilities, so that British troops have the tools they need to fight and win in modern warfare.
Getting this new tech into the hands of our armed forces quicker by cutting away bureaucracy, with a new UK Defence Innovation unit within the Ministry of Defence spearheading efforts to identify promising technology and ensure these get to the frontline at speed, while also bolstering the UK tech sector and crowding in private investment.
Creating bespoke procurement processes for different types of military equipment, learning lessons from our rapid support for Ukraine to drive faster timescale targets for operationalising new tanks, aircraft and other essential tools for modern warfare.
This government is determined to transform the defence sector into an engine for growth by focusing this investment on where it boosts the productive capacity of the economy such as investment in innovation and novel technologies. As a result of the increase in defence spending to 2.5%, the government estimates this could lead to around 0.3% higher GDP in the long run, equivalent to around £11 billion of GDP in today’s money.
The government’s investment in defence will also support its number one mission to deliver economic growth. UK citizens will be protected from threats at home whilst creating a stable environment in which businesses can thrive, and supporting highly skilled jobs and apprenticeships across the whole of the UK.
Reform
The government is determined to make the public sector more productive and to improve services for working people. But the changing world means we need to go further and faster to ensure we can deliver the public services that working people care most about.
The government has shown its commitment to taking the difficult decisions required to drive efficiencies and reform the state – including announcing that the world’s largest quango, NHS England, will be brought back into the Department for Health and Social Care, reducing bureaucratic inefficiencies and duplication; and driving out wasteful government spend through cancelling thousands of government credit cards.
Getting more people into jobs is also central to the government’s growth mission. This broken welfare system that is letting people down by asking them to prove what they can’t do, rather than focusing on what they could do with the right support – trapping people due to fear of trying work, lack of support and poor financial incentives.
The social security system will always protect those who can never work, that is why this government is proposing an additional premium that will safeguard their incomes. And will end reassessments for people with the most severe, life-long conditions to give them dignity and security.
Helping more people into work is a central aim of these reforms and which is why the government is tackling incentives to be inactive by abolishing the WCA, rebalancing Universal Credit, and investing more into employment support.
We will always support those with long term health conditions through the Personal Independence Payment, which will remain an important non-means tested benefit for disabled people and people with long term health conditions. But these reforms will make the system more targeted and sustainable to ensure the safety net is there for those who need it most.
The OBR have now set out their final assessment of costings and confirmed this welfare package will reduce welfare spending by £4.8 billion in 2029-/30.
The government will modernise the Civil Service into a more productive and agile organisation that can effectively deliver the Plan for Change, underpinned by a digital revolution, while cancelling thousands of government procurement cards.
Today, the Chancellor has gone further:
The Chancellor has confirmed the creation of a £3.25 billion Transformation Fund to support the fundamental reform of public services, seize the opportunities of digital technology and Artificial Intelligence (AI), and transform frontline delivery to release savings for taxpayers over the long-term.
The Fund will invest in vital public services and accelerate the modernisation of the state by taking the next step to reform the children’s social care system through an additional £25 million for the fostering system. This will include funding the recruitment of a further 400 new fostering households, providing children with stability and addressing cost pressures on local government.
The fund will also support the managing offenders in the community, by providing £8 million for new technology so probation officers can focus on reducing reoffending, rather than filling out forms.
In addition, it will provide £42 million for three pioneering DSIT-led Frontier AI Exemplars. These Exemplars will test and deploy AI applications to make government operations more efficient and effective and improve outcomes for citizens by reducing unnecessary bureaucracy.
To create an agile and productive state we are also providing £150 million for government employee exit schemes. This will support a leaner and more efficient Civil Service, helping to reduce administration costs by 15% by the end of the decade. The Chancellor also announced a package of measures to close the tax gap, raising £1 billion per year by 2029-30. The UK tax gap was estimated to be around £40 billion in 2022-23.
The Spring Statement earmarks around £80 million in new money for third party debt collectors to bring in £1.3 billion over the next five years – a return of around £16 for every pound spent for UK public services and investment projects. HMRC will also receive £4 million in new funding to pilot a new test and learn programme with the private sector to improve the tax collection agency’s approach to recouping older unpaid tax debt. Ministers will decide whether to proceed with a larger exercise later this year based on the results of this test.
An additional 600 staff will also be recruited into HMRC’s debt management teams. This means that for every £1 spent on these staff, over £13 of debt is expected to be recovered. The staff will work with the private sector to make collecting tax debt more efficient including through automating admin processes.
The Spring Statement also announces £100 million in new funding for HMRC to recruit a further 500 compliance officers from April 2025. This will raise £241 million in unpaid tax over the next five years.
Late payment penalties for VAT and Making Tax Digital for income tax Self Assessment will increase to incentivise taxpayers to pay on time. This will be from 2% to 3% at 15 days, 2% to 3% at 30 days, and 4% to 10% from day 31. This will take effect from April 2025.
As announced in the autumn, Making Tax Digital for income tax Self Assessment will be extended to sole traders and landlords with income over £20,000. The Spring Statement confirms that this additional group will join Making Tax Digital from April 2028. This will build on the existing plan which will see sole traders and landlords with income above £50,000 joining from April 2026, and those with income above £30,000 joining from April 2027. Around 4 million businesses have an income below the £20,000 threshold.
Looking Forward
This Spring Statement builds on the Autumn Budget and the decisions taken since required to deliver stability to the British economy and kickstart economic growth.
The government will set out its plans for spending and key public sector reforms at the Spending Review which will conclude on 11 June 2025.
This will not be a business-as-usual Spending Review. The government has fundamentally reformed the process to make it zero-based, collaborative, and data-led, in order to ensure a laser-like focus on the biggest opportunities to rewire the state and deliver the Plan for Change.
At the Spending Review, the Budget in the autumn and across the Parliament, the government will continue to prioritise growing the economy to deliver change.
RESPONSES:
UK spending cuts ‘risk harm to most vulnerable’
Finance Secretary responds to Spring Statement
Spending cuts announced by the Chancellor risk harming some of the most vulnerable people in society, Finance Secretary Shona Robison has said.
Responding to the Spring Statement, Ms Robison said: “Today’s statement from the Chancellor will see austerity cuts being imposed on some of the most vulnerable people in our society. The UK Government appears to be trying to balance its books on the backs of disabled people.
“Not content with these cuts, the UK Government is still expected to short-change Scotland’s public services on additional employer National Insurance costs to the tune of hundreds of millions of pounds. This will be felt in public services that people rely on up and down the country – services such as our NHS, GPs, dentists, social care providers, and universities.
“The UK Government’s choice to increase defence investment is welcome, but its choices to shortchange public services and deliver austerity cuts to some of the most vulnerable are deplorable.”
TRUSSELL:
Trussell responds to ‘catastrophic’ Spring Statement
Cara Hilton, Senior Policy Manager at Trussell in Scotland, said: “Today’s announcement has incredibly worrying implications for disabled people in Scotland.
“The insistence by the Treasury on driving through record cuts to disabled people’s social security to balance the books is both shocking and appalling. People at food banks are telling us they are terrified how they’ll survive.
“These brutal cuts to already precarious incomes won’t help more disabled people find work, but they will risk forcing more people to skip meals and turn to food banks to get by.
“Cuts come at a cost. Driving up hunger and hardship means more spending on already struggling public services, with increased hospital and GP visits a very likely outcome of these actions.
“Disabled people are already three times more likely to face hunger, and over three quarters of people in receipt of Universal Credit and disability benefits are already struggling to afford the essentials like food. This will only get worse.
“These cruel cuts are out of touch with what voters want from this government. The government says people voted for change in Westminster, but we know that seven in ten voters across political parties agree the social security for disabled people should at least be enough to cover essential living costs. This is a change for the worse, and it is disabled people who will pay the price.”
David, 46, has a bone disease and is terrified by the prospect of cuts to his disability benefits. He has recently been forced to turn to a Trussell food bank for support.
He said: “I am terrified now that the Chancellor has confirmed that my disability benefits will be cut. The bone tumours in my hips cause me pain everyday and force me to use crutches, and in the cold weather my symptoms worsen but I already can’t afford to put the heating on.
” I don’t know how I’ll survive. It’s not my fault I’m disabled, and I shouldn’t be punished for it.
“Life costs more if you’re disabled. Things like specialist equipment and travel to healthcare appointments all add up. PIP – which the government is brutally cutting – is there to account for these extra costs. It is not a luxury, and I shouldn’t need to use a food bank or turn to charities like Trussell for support.
“Cutting my benefits won’t get me back to work – it will just push me deeper into poverty.”
JOSEPH ROWNTREE FOUNDATION
“The Chancellor said today that she would not do anything to put household finances in danger Yet the government’s own assessment shows their cuts to health related benefits risk pushing 250,000 people into poverty, including 50,000 children.
“Their assessment also found:
800,000 will lose PIP according to the OBR
3m will lose money from changes to the main health element of UC, £500 a year for existing claimants, and £3000 for new claimants
£500m will come out of the carers benefits bill as 150,000 lose carers allowance or UC care element.
“The Chancellor said the world has changed, and today’s announcements places the burden of that changing world on the shoulders of those least able to bear the load. These cuts will harm people, deepening the hardship they already face.”
CHILD POVERTY ACTION GROUP:
Responding to today’s Spring Statement, chief executive of Child Poverty Action Group Alison Garnham said: “Stealth social security cuts bring neither stability nor security to struggling families and will push child poverty even higher.
“Growth and better living standards are not achieved by taking money from families with the least.
“Government must invest in social security support – not cut it – for the most vulnerable, or risk being remembered as the Labour administration under whose watch child poverty continued to rise.”
CARERS UK:
STUC:
INDEPENDENT ALLIANCE MPs:
KIM JOHNSON MP:
OCTOPUS ENERGY:
Greg Jackson, CEO of Octopus Energy, said: “It’s good to see the focus on planning and other reforms that can unlock investment to help make Britain more productive and drive growth.
“We were also pleased to see the receipts from the Government’s sale of Bulb to Octopus funding 36,000 homes for armed forces families. It’s a sign of how business and Government can work together for the good of the country.”
FRONT PAGES:
MOMENTUM:
NEW ECONOMICS FOUNDATION:
JEREMY CORBYN:
PRIME MINISTER KEIR STARMER:
THE NATIONAL:
TRADES UNION CONGRESS (TUC):
Responding to today’s (Wednesday) Spring Statement, TUC General Secretary Paul Nowak said: “Labour inherited a toxic economic legacy from the Conservatives. But at the Budget the Chancellor took the right call to invest in repairing our public services and infrastructure.
“To rebuild Britain this approach must continue long-term. In the face of strong global headwinds, we need to keep building stronger foundations at home. That must include protecting the most vulnerable.
“As the last 14 years have shown us – you cannot cut your way to growth. UK taxes are low as a share of GDP. Those with the broadest shoulders must continue to contribute more through a fairer tax system.
“And the Tories’ botched Brexit deal must be improved to boost growth and trade.”
On the government’s social security reforms, Paul said:“Ministers need to rethink their plans. Decisions that affect millions of people’s lives must be made with care – not as a last-minute response to changed fiscal forecasts.
“These changes mean many disabled people – whether they are in work or not – will be pushed into hardship.
“And removing support could even make it harder for some people to stay in their jobs.
“Disabled people need timely access to high quality healthcare, and accessible jobs – particularly in the towns and communities where there are fewest opportunities.”
On the public sector workforce, Paul added:“Public sector workers are key deliverers of national renewal.
“But after 14 years of Tory chaos and ruin, many feel burnt out and demoralised.
“It’s vital the government invests in these workers and recognises the key role they play in improving the services we all rely on.
“Any approach to transforming our public services must include clear workforce plans for every part of our public sector, developed in partnership with staff and unions.”
On the OBR’s growth forecasts, Paul said: “It is time to review both the role of the OBR and how it models the long-term impacts of public investment. Short-term changes in forecasts should not be driving long-term government decision-making.”
UNITE THE UNION:
UK FINANCE:
David Postings, Chief Executive Officer, UK Finance said: “The chancellor’s Spring Statement focused on stability and growth in the UK. We welcome the government’s continued commitment to growing the economy and the financial services sector is committed to playing its part in support.
“Building on recent positive regulatory reform plans, we now look forward to the upcoming Industrial Strategy, which will be key to unlocking further investment and delivering growth through various sectors, including financial services.”
MENTAL HEALTH FOUNDATION:
LLOYDS BANKING GROUP:
Charlie Nunn, Chief Executive Officer, Lloyds Banking Group said: “A safe and lasting home is the foundation for good lives and livelihoods, and we welcome this boost to building much-needed social and affordable homes.
“As the UK’s biggest commercial supporter of social housing, we’re working across the private, public and community sectors to help increase provision of good quality, genuinely affordable housing for those in need.”
UNITE HOSPITALITY:
DAILY MIRROR:
POVERTY ALLIANCE:
Responding to the Spring Statement, Poverty Alliance chief executive Peter Kelly said: “People in the UK voted for change at the last election because they were desperate for a government that delivers a just and compassionate country. Today’s announcements undermine that ambition.
“It is completely unjust to, once again, balance the books on the backs of the those on the lowest incomes. Today’s statement layered additional cuts to our social security system on top of those announced last week. That will have a devastating impact for households across the country.
“The Government’s own analysis shows that these changes will push at least 250,000 people, including 50,000 children into poverty, undermining the forthcoming child poverty strategy before it’s even published.
“These cuts will push people into debt and destitution. They will continue the need for food banks. They will stop people heating their homes, or charging essential medical and support equipment.
“People know that there is no justification for these cuts. It does not have to be like this. The Chancellor could scrap her self-imposed fiscal rules or use our taxation system to raise the revenue needed for the better future we all want to see.
“The UK Government is re-running a failed experiment – austerity will not deliver economic growth. And it certainly won’t deliver a just and compassionate society.”
SCOTTISH HUMAN RIGHTS COMMISSION:
Deep concern about impact of UK Government’s Spring Statement
The Scottish Human Rights Commission (SHRC) is deeply concerned about the impact of announcements on the future of the UK welfare system in the UK Government’s Spring Statement, especially for disabled people and their families and communities.
Plans to cut the health element of Universal Credit will have a direct effect on the human rights of those disabled people in Scotland who are unable to work. Although payments to support people with the additional costs of disability are devolved in Scotland, the UK Government’s proposals will have negative consequences for the Scottish Budget.
Severe economic hardship
Earlier this month, the UN Committee on Economic, Social and Cultural Rights, which holds governments around the world to account for their record on human rights, warned that changes to the UK welfare system introduced since 2012 have “eroded the rights to social security and to an adequate standard of living, disproportionally affecting persons with disabilities, low-income families and workers in precarious employment” and warned that these changes have resulted in “severe economic hardship”.
Last year, the UN Committee on the Rights of Persons with Disabilities reiterated its position that the UK welfare system is leading to ‘grave and systematic’ violations of disabled people’s rights. Over the past week many disabled people, Disabled People’s Organisations and civil society organisations have expressed shock and fear about what further changes to the system could mean for people.
Professor Angela O’Hagan, Chair of the SHRC, says: “With these announcements, the UK Government is not only disregarding the expert findings and recommendations of human rights bodies, but actively pursuing regressive changes that further deteriorate the rights of disabled people in Scotland.
“Indeed, these steps may potentially represent a breach of the UK’s obligations under international human rights law, particularly its duty to progressively realise the rights to social security, an adequate standard of living, and non-discrimination.
“Social security, an adequate standard of living, and non-discrimination are not optional benefits — they are binding human rights that the UK is required to respect, protect, and fulfil for everyone.
“These proposals fly in the face of both the letter and the spirit of the UK’s human rights obligations.”
VOLUNTEER SCOTLAND:
We share the concerns voiced by many third sector organisations regarding the Chancellor’s Spring Statement on Wednesday (writes Volunteer Sotland’s SARAH LATTO).
The significant cuts to health-related benefits have the potential to push more people into financial difficulty. This would create significant additional demand for third sector services and the volunteers that support them.
This comes at a time when the third sector is facing unprecedented pressures, and volunteer participation is in significant decline. Given the reported challenges many organisations are experiencing in recruiting new volunteers, this could add considerable pressure to existing volunteers who give their time to support people in crisis. This is not sustainable and could contribute to a further decline in volunteer participation.
This same research also found that the effect of volunteering on mental wellbeing for people with a disability or long-term health condition was seven times larger than for people without.
Despite these clear benefits, we are concerned that the announced reduction in welfare spend will prevent many people in receipt of benefits from pursuing volunteering.
This is because of competing demands on their time and rising stress or anxiety regarding their finances. The planned changes to welfare spend will likely exacerbate this situation further, meaning many people in receipt of health-related benefits may feel unable to participate in an activity that is likely to improve their health and wellbeing.
As a result, we join many voices from the third sector in urging the Chancellor to rethink her plans around welfare spend.
FRASER OF ALLANDER INSTITUTE:
Spring Statement reaction: a second fiscal event of the year after all
It was also one where the forecasting process was nowhere as smooth as we hoped it might be given how much hay the Chancellor made out of strengthening the role of the OBR in the Autumn. Instead, we have seen a number of measures either uncertified or included only on a provisional basis, and with no time to evaluate their supply-side effects.
Given how long these measures have been speculated about, the last-minute tweaks and the scramble to announce further welfare reforms to make the sums add up to the £5bn in savings are pretty disheartening. It also makes us wonder about the reasons for announcing the headline amounts last week, before ultimate certification by the OBR.
It is not credible that the Chancellor or the Work and Pensions Secretary were not aware of the OBR’s concerns at the time of the announcement, and so we are left to wonder why figures that weren’t final were bandied about beforehand instead of being left for the appropriate fiscal event.
The underlying picture deteriorated significantly, and so spending cuts have filled the gap
As widely predicted, the Chancellor would have seen her fiscal rules broken had she not made significantly policy decisions, which collectively cut current spending by nearly £9 billion a year by 2029-30.
Chart: How the Chancellor restored her headroom
Source: OBR
Debt servicing costs are the main reason for the deterioration. Higher market interest rates raised the cost of servicing government by just over £10 billion by the end of the decade, more than wiping the starting headroom. Faced with this, and after staking her credibility on complying with the fiscal rules, the Chancellor decided to mostly lean on the spending side of the ledger to essentially get back to where she started.
This means a heavily backloaded set of policy decisions, with spending cuts coming from 2027-28 onwards. Changes to incapacity and disability benefits mostly affect spending from then on, by £1.8 billion in that year and rising to £4.6 billion by 2029-30.
Changes to the path of day-to-day departmental spending also rise to over £5 billion by 2029-30, although some of that is offset by specific investment programmes such as employment support, DWP delivery and HMRC compliance. On net, current departmental spending has been cut by £3.6 billion by 2029-30 relative to plans.
There have also been some increasing in the tax take. Much of it is from compliance activity and tax debt collection, although there are also additional council tax increases allowed in England and increases to passport and visa fees. Receipts are higher by £2.3 billion by 2029-30 because of measures.
But the Chancellor has had to run just to stand still. She is just as close to missing her fiscal rule as she was in October, and that leaves her exposed to any weaknesses or market movements between now and the Autumn. Things may well turn out for the better – but that is far from guaranteed, and it’s as close to a 50-50 bet as it gets.
Chart: Headroom against the main fiscal target since 2010
Source: OBR
What do the announcements mean for the Scottish Budget?
In the very short-term, there is a small amount of additional funding (£28 million) for the Scottish Government in 2025-26 due to a small increase in departmental spending at UK Government level.
Towards the end of the forecast, however, the picture is significantly more challenging in terms of what it means for Holyrood’s finances. The cuts in departmental budgets announced by the UK Government – even after accounting for some consequentials from employment support programmes and DWP delivery of welfare reforms – mean significant reductions in funding for the Scottish Government relative to what was previously included in the forecasts. Of particular significance are the £200 million and £435 million cuts in implied funding for the Scottish Budget in 2028-29 and 2029-30.
The current forecast points to the PIP reforms reducing the block grant adjustment for social security devolution by increasing amounts, from £177 million in 2027-28 to £455 million in 2029-30. This is in line with what we discussed in recentblogs.
Put together, and in the absence of any other changes, the Scottish Budget would be around £900 million worse off on the current side in 2029-30 than previously projected. On the other hand, some additional capital spending on areas which are devolved in Scotland – so aside from the defence spending increases – are expected to raise the Scottish Government’s capital budget by nearly £250 million by 2029-30 relative to current plans.
Chart: Effects of the Spring Statement measures on the Scottish Budget
Source: OBR
There’s still much we don’t know about the welfare reforms
One key policy change from last week’s Green Paper that the OBR have not been able to cost is the removal of the Work Capability Assessment (WCA) that currently determines whether a person is eligible for the Universal Credit (UC) health element. The UK Government have proposed that the PIP assessment will be used instead.
The OBR note the absence of key policy detail, including how entitlement will operate in Scotland where PIP is being phased out. They do state that they expect the policy to have a “material” fiscal impact, both on spending on UC but this could be offset by an increase in people claiming PIP. The labour market response of this (as with most of the other Green Paper policies) is also yet to be analysed by the OBR.
These changes will directly impact on people in Scotland as UC is a reserved policy, but as already noted, how this will happen given that PIP will soon not exist in Scotland, is unknown. The number of people impacted could be significant. The Scottish Government could mitigate this impact through its own social security top up powers but, as with the recently announced mitigation of the two-child limit in UC, would need to be able to find the money to do so from within its own budget.
But distributional analysis shows significant numbers of people will be worse off
Alongside the Spring Statement documents, the UK Government also update their distributional analysis (the differential impact of policies on poorer, middle, and higher income households). The impact of the Spring Statement, the policies from the Spring Statement are added to the policies from the Autumn Statement, making it difficult to isolate the impact of the Spring Statement, although the regressive nature of the welfare measures is clear to see: those in the lower half of the income distribution are facing most of the cuts.
This makes for sobering reading. The impact of changes to the eligibility for PIP will affect 800,000 people who will no longer be eligible for the Daily Living component. They note a further 150,000 people will not receive Carer’s Allowance of the UC Carer element as a result. These numbers are for England and Wales only given that disability benefits are devolved.
These results, on their own, will increase the number of working age people in poverty by 250,000 and 50,000 children. The UK Government are careful to say that these estimates do not account for any employment impact of those who lose benefits subsequently moving into work, and we will need to wait for the OBR to judge on the strength of these employment effects to understand the potential for offsetting of these numbers.
The reduction and or freezing of the UC health element will affect Scottish claimants as well as those in England and Wales. 2.25 million people who are current claimants will be affected by the freeze and 730,000 new claimants will receive the new lower rate and freeze. A further 50,000 working age people will be in poverty as a result of these changes.
There is as yet no analysis of the impact of the abolition of the Work Capability Assessment in UC, and the only impact that is shown is the reversal of a 2023 change to the descriptors in the Work Capability Assessment, which will not apply given the decision to abolish it.
We’ll have to wait until the OBR has been able to look at the whole policy package in aggregate before we understand the full scale of the impact both on the UK and Scotland. But it is clear from what we know so far that this is a package of measures that will raise poverty across the UK.
How does departmental spending look in historical context?
In October, the Chancellor announced significant increases in departmental spending. But we and others also noticed how frontloaded some of those announcements were.
This has been made even more so by the changes at this forecast to the latter years of the projections. Day-to-day departmental spending per person is now forecast to grow by a strong 3.4% in real terms in 2025-26, slowing to 1.5% in 2026-27 and remaining at 0.6% a year for the rest of the decade.
We’ll leave others to decide on words to characterise this path of spending. We’ll instead note that this leaves spending per person only 8% higher than it was in 2007-08. And as a share of national income – a better measure of affordability and of the Government’s prioritisation of the country’s resources – there is a slight increase in spending in the short-term. But day-to-day departmental spending then falls back by 0.4 percentage points by the end of the decade relative to its peak of 16.1 per cent of GDP in 2025-26 and 2026-27.
Chart: Resource departmental spending per person in real terms and as a share of GDP since 2007-08
Chancellor vows to bring about “security and national renewal” as she delivers a Spring Statement to kickstart economic growth, protect working people and keep our country safe.
Reeves will warn that “we have to move quickly in a changing world”, unveiling a significant step towards spending 2.5% of GDP on defence with £2.2 billion funding boost next year.
Growth and national security at heart of Plan for Change as funding invested in cutting-edge weapons and better homes for thousands of military families – paid for by reductions to international aid budget and from the Treasury reserve.
The Chancellor will promise to deliver “security for working people” and a “decade of national renewal”, as she reveals how the Government will put advanced weaponry in the hands of British troops, provide better homes for military families and kickstart economic growth through the Plan for Change.
At today’s Spring Statement, the Chancellor will announce a further £2.2 billion funding increase for defence from April, as she warns that Britain has to “move quickly in a changing world”.
The funding will be invested in advanced technologies so that Britain’s armed forces have the tools they need to compete and win in modern warfare. This includes guaranteeing the investment to fit Royal Navy ships with Directed Energy Weapons by 2027. These weapons can hit a £1 coin from 1km away and take down drones at a distance of 5km.
It will also be used to provide better homes for military families by refurbishing the defence estate – including over 36,000 homes recently brought back into public ownership from the rental sector. In addition to this, the funding will unlock rapid preparatory work, such as site surveys, planning and architecture, for the major redevelopment of Armed Forces housing through the Defence Housing Strategy.
The investment will also help fund upgrades to infrastructure at His Majesty’s Naval Base Portsmouth, securing its ability to support Royal Navy operations into the future.
Speaking in the House of Commons today, Chancellor of the Exchequer Rachel Reeves is expected to say:“This government was elected to change our country.
“To provide security for working people. And deliver a decade of national renewal.
“That work of change began in July – and I am proud of what we have delivered in just nine months.
“Restoring stability to our public finances; giving the Bank of England the foundation to cut interest rates three times since the General Election; rebuilding our public services with record investment in our NHS and bringing down waiting lists for 5 months in a row; and increasing the National Living Wage to give 3 million people a pay rise from next week.
She will add: “Now our task is to secure Britain’s future in a world that is changing before our eyes. The job of a responsible government is not simply to watch this change.
“This moment demands an active government stepping up to secure Britain’s future. A government on the side of working people.
“To grasp the opportunities that we now have and help Britain reach its full potential, we need to go further and faster to kickstart growth, protect national security and make people better off through our Plan for Change.
She will also say:“In February, the Prime Minister set out the government’s commitment to increase spending on defence to 2.5% of GDP from April 2027 and an ambition to spend 3% of GDP on defence in the next parliament as economic and fiscal conditions allow.
“That was the right decision in a more insecure world, putting an extra £6.4bn into the defence budget by 2027. But we have to move quickly in a changing word. And that starts with investment.
“So I can today confirm that I will provide an additional £2.2bn for the Ministry of Defence next year – a further downpayment on our plans to deliver 2.5% of GDP.
“This increase in investment is not just about increasing our national security but increasing our economic security, too. As defence spending rises, I want the whole country to feel the benefits.”
The plan will include action to harness the ingenuity of Britain’s leading manufacturing and technology sectors, creating jobs across the country and putting more money into people’s pockets.
The increase set to be announced today follows the extra £2.9 billion announced for defence in the Autumn Budget and takes spending as a proportion of GDP to 2.36 per cent in 2025/26 – up from 2.3 per cent in 2024/25.
The announcement is fully funded. The new money comes from in-year funding from the Treasury reserve and from changes to the Overseas Development Assistance budget, so will not require additional borrowing and will maintain the Chancellor’s ironclad fiscal rule.
Further detail on the Ministry of Defence’s investment plan will be set out via the Strategic Defence Review in the Spring and the Spending Review in June.
Commenting on the increase in defence spending, Defence Secretary John Healey said:“National security is the bedrock of a successful economy and our Plan for Change. This significant increase in defence spending, on top of the £2.9bn announced by the Chancellor at the Budget, means an extra £5 billion for our Armed Forces next financial year.
“This investment will make Britain stronger and safer in a more insecure world. And it will ensure defence is an engine for growth, creating good jobs across the nation.
“These are the bold first steps of the largest sustained increase in defence spending since the Cold War announced by the Prime Minister last month. Our government is delivering for defence and investing in the outstanding men and women who keep Britain secure at home and strong abroad.”
CHANCELLOR EXPECTED TO SLASH WELFARE IN SPRING STATEMENT
New polling reveals people in Scotland would overwhelmingly prefer the very richest to pay more in tax rather than see cuts to public spending, as parallel Oxfam analysis shows the UK’s wealthiest people continue to amass even greater fortunes.
It comes as new number crunching by Oxfam, Patriotic Millionaires UK and Tax Justice UK finds that UK billionaires have seen their fortunes swell by £11 billion in the past 12 months alone – the combined amount the UK Government plans to cut from international aid and social security entitlements for people in the UK with disabilities or illnesses.
Campaigners say the data shows the UK Government’s recent cuts are not about financial scarcity, but rather about political priorities, and they sharply contrast with public opinion.
The polling, carried out ahead of the Spring Statement by YouGov on behalf of Oxfam, shows that people aged over 16 in Scotland strongly back action to fairly tax the wealthiest:
68% think the very richest should pay more in tax.
More than three-quarters (79%) would rather tax the very richest than see cuts to public spending.
79% support a new 2% wealth tax on assets worth more than £10 million.
The findings pile further pressure on the UK Government to introduce wealth taxes on the richest millionaires and billionaires.
Tax justice campaigners have identified a series of fair tax reforms and loopholes that could be closed to raise additional revenue. They say that a 2% wealth tax alone, applied to assets worth more than £10m, could raise up to £24 billion annually or around £460 million a week while only impacting 0.04% of the population – around 20,000 people.
For illustrative purposes, if the 2% wealth tax on assets over £10 million was introduced now, UK billionaires would still have seen their personal wealth soar by an average of £141 million each – a total of nearly £7.5 billion combined – since this time last year.
The money raised could be used to reduce poverty and inequalities, strengthen public services, including the critical care sector, and boost climate action, instead of padding the pockets of the super-rich while deepening economic, gender and racial inequalities.
Jamie Livingstone, Head of Oxfam Scotland, said:“We all feel it in our bones: it’s indefensible that public spending to support those in poverty and crisis is being slashed, while private wealth is quietly stashed away.
“People in Scotland are crystal clear: they’d rather tax the richest than see cuts to public spending. Yet the UK Government has chosen to snatch £11 billion from the pockets of those who need it most while the same amount has been added to the bloated bank balances of those who need it least in just 12 months.
“It’s time for the UK Government to put fairness first; tax the super-rich and protect people in poverty. The choice is that simple.”
Mark Campbell, entrepreneur and member of Patriotic Millionaires UK, said:“As a millionaire I know the economy is working for a few people like me and working against the vast majority.
“Spending cuts are short-sighted and will only increase the worries of millions of people in the UK who are struggling to put food on the table and heat their homes.
“Meanwhile, the very richest people in our society are watching their wealth grow exponentially. It seems outrageous that the wealth of the richest is taxed at a much lower rate than the income of working people who will bear the brunt of these budget cuts.
“A wealth tax is a very clear alternative. Given that most people want higher taxes on the very richest, and plenty of millionaires – people like me – also want it, what’s stopping the UK Government?”
As part of Tax Justice Scotland, a campaign backed by more than 50 diverse civil society organisations, think tanks, trade unions and academics, Oxfam Scotland is urging the UK and Scottish Governments to use their respective tax powers to fairly raise more money to enable greater investment in key poverty-reducing public services, like care, while combatting inequalities, and rewarding businesses that provide fair and flexible work – including for parents, and particularly women – while paying the real Living Wage.
Oxfam Scotland says the Scottish Government must also use devolved powers to help combat the growing gap between the wealthiest and those struggling to make ends meet, with the richest 10% having 217 times more wealth than the least wealthy 10%, and with record high income inequality.
Wealth inequality is not only deeply unfair, but a barrier to reducing poverty. It exacerbates social and environmental harms, fuels wider inequalities – such as those related to gender and race, and drives a wedge between those with wealth and those without it.
Campaigners are calling on Scottish Ministers to use the devolved tax tools at their disposal, such as landing a fair tax on pollution-spewing private jets using Scotland’s airports and finally replacing the discredited Council Tax with a system to tax property wealth fairly.
Jamie Livingstone added:“Scotland’s political leaders can’t afford to wait for Westminster to make the fair and obvious choice to make the wealthiest pay their share.
“As we approach the 2026 Holyrood election, they would be fool hardy to ignore the public mood. People want to see real progress on fairness. Scotland has powers to tax wealth more fairly to combat runaway inequality and to build a better and greener country, it’s time to use them.”
Chancellor unveils new plans to deliver the Oxford-Cambridge Growth Corridor that will boost the UK economy by up to £78 billion by 2035
Rachel Reeves will today vow to go ‘further and faster’ to deliver the government’s Plan for Change to kick start economic growth and put more pounds in people’s pockets.
Chancellor to unveil plans to unleash the potential of the Oxford-Cambridge Growth Corridor that will add up to £78 billion to the UK economy according to industry experts, catalysing growth of UK science and technology.
Comes after Chancellor last week announced National Wealth Fund and Office for Investment will take new approaches to spur regional growth across the UK.
Chancellor Rachel Reeves will today vow to go “further and faster” to kick start the economy, as she unveils new plans to deliver the Oxford-Cambridge Growth Corridor that will boost the UK economy by up to £78 billion by 2035 according to industry experts.
In a speech in Oxfordshire, the Chancellor will tell regional and business leaders that economic growth is the number one mission of this government and its Plan for Change. She will declare that Britain’s economy has “huge potential” and is at the “forefront of some of the most exciting developments in the world like artificial intelligence and life sciences.”
She will back the redevelopment of Old Trafford and will review the Green Book – the government’s guidance on appraisal – in order to support decisions on public investment across the country, including outside London and the Southeast.
The speech comes after the Chancellor last week announced a new approach for the National Wealth Fund (NWF) and the Office for Investment (OfI) to work with local leaders to build pipelines of incoming investment and projects linked to regional growth priorities. This includes the NWF trialling Strategic Partnerships in Greater Manchester, West Yorkshire, West Midlands, and Glasgow City Region and the OfI piloting an approach in the Liverpool City Region and the North East Combined Authority to connect their regions to central government and industry expertise in order to unlock private investment.
Reeves will say “low growth is not our destiny, but that economic 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.”
The Chancellor is expected to say:“Britain is a country of huge potential. A country of strong communities, with local businesses at their heart.
“We are the forefront of some of the most exciting developments in the world like artificial intelligence and life sciences. We have great companies based here delivering jobs and investment in Britain.
“And we have fundamental strengths – in our history, our language, and our legal system – to compete in a global economy.
“But 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.
“That’s what our Plan for Change is about. That is what drives me as Chancellor. And it is what I’m determined to deliver.”
In her speech the Chancellor will announce:
The Environment Agency has lifted its objections to a new development around Cambridge that could unlock 4,500 new homes and associated community spaces such as schools and leisure facilities as well as office and laboratory space in Cambridge City Centre. This was only possible as a result of the government working closely with councils and regulators to find creative solutions to unlock growth and address environmental pressures.
That the government has agreed for water companies to unlock £7.9bn investment for the next 5 years to improve our water infrastructure and provide a foundation for growth. This includes nine new reservoirs, such as the new Fens Reservoir serving Cambridge and the Abingdon Reservoir near Oxford.
Confirming funding towards better transport links in the region including funding for East-West Rail, with new services between Oxford and Milton Keynes this year and upgrading the A428 to reduce journey times between Milton Keynes and Cambridge.
Prioritisation of a new Cambridge Cancer Research Hospital as part of the New Hospitals Programme bringing together Cambridge University, Addenbrookes Hospital and Cancer Research UK.
Support for the development of new and expanded communities in the Oxford-Cambridge Growth Corridor and a new East Coast Mainline station in Tempsford, to expand the region’s economy.
That she welcomes Cambridge University’s proposal for a new large scale innovation hub in the city centre. As the world’s leading science and tech cluster by intensity, Cambridge will play a crucial part in the government’s modern Industrial Strategy.
A new Growth Commission for Oxford, inspired by the Cambridge model, to review how best we can unlock and accelerate nationally significant growth for the city and surrounding area.
Appointment of Sir Patrick Vallance as Oxford-Cambridge Growth Corridor Champion to provide senior leadership to ensure the Government’s ambitions are delivered.
The Chancellor is expected to say:“Oxford and Cambridge offer huge economic potential for our nation’s growth prospects.
“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.
“It has the potential to be Europe’s Silicon Valley. The home of British innovation.
“To grow, these world-class companies need world-class talent who should be able to get to work quickly and find somewhere to live in the local area. But to get from Oxford to Cambridge by train takes two and a half hours.
“There is no way to commute directly from towns like Bedford and Milton Keynes to Cambridge by rail. And there is a lack of affordable housing across the region.
“Oxford and Cambridge are two of the least affordable cities in the UK. In other words, the demand is there but there are far too many supply side constraints on economic growth in the region.”
Designed to take advantage of the region’s unique strengths and potential, the announcements are further evidence of the government’s modern Industrial Strategy in action as it seeks to create the right conditions to increase investment in our leading growth sectors like life sciences, artificial intelligence and advanced manufacturing.
She will add: “Taken together, these announcements show that for the first time a government is providing real leadership to deliver this project with a clear strategy for the entire region backed by funding for the housing and infrastructure we so badly need.“
The speech comes after the Chancellor last week announced a package of investment reforms to spur regional growth across the UK.
Rachel Reeves set out a new approach for the National Wealth Fund (NWF) and the Office for Investment (OfI) to work with local leaders to build pipelines of incoming investment and projects linked to regional growth priorities.
Putting local knowledge and leadership at the forefront, there will be tailored strategies for each region to ensure investment matches local needs and drives sustainable growth.
Putting the government’s Plan for Change into action, the Chancellor set out that the goal is to harness growth everywhere to rebuild Britain and usher in a decade of national renewal. Measures included the NWF trialling Strategic Partnerships in Greater Manchester, West Yorkshire, West Midlands, and Glasgow City Region and the OfI piloting an approach in the Liverpool City Region and the North East Combined Authority to connect their regions to central government and industry expertise in order to unlock private investment.
Science Minister, Lord Patrick Vallance said: “The UK has all the ingredients to replicate the success of Silicon Valley or the Boston Cluster but for too long has been constrained by short termism and a lack of direction.
“This government’s Plan for Change will see an end to that defeatism. I look forward to working with local leaders to fulfil the Oxford-Cambridge corridor’s potential by building on its existing strengths in academia, life sciences, semiconductors, AI and green technology amongst others.
“Together we will build the infrastructure and partnerships needed to join up this region’s academia, investors and business so that we can boost growth, deliver innovations and create new jobs that improve all our lives.”
Transport Secretary, Heidi Alexander said: “Well connected communities are a cornerstone for growth. East West Rail will not only provide better links and lasting benefits to Oxford and Cambridge, but to all the surrounding areas.
“I’m also delighted to announce a brand new station at Tempsford, which will be game changing for the region – allowing a new community and businesses to grow, unlocking faster and smoother access to opportunities, and delivering on the Government’s Plan for Change.”
S2G4KH Starling murmuration at RSPB Ham Wall, Avalon Marshes, Somerset
Responding to Rachel Reeves’ speech today on economic growth Roger Mortlock, CPRE countryside charity chief executive, said:
On airport expansion and the Lower Thames Crossing
‘The single biggest threat to the countryside is climate change. If the government expands Heathrow, Luton, City and Gatwick airports, the increase in carbon emissions will make a mockery of its commitment to reaching net zero by 2030.
‘Airport expansion will do nothing to boost UK growth. There has been no net increase in air travel for business purposes or in jobs in air transport since 2007. Recent research from the New Economic Foundation indicates that airport expansion will drive significant tourism revenue abroad, not bring it to the UK. To create the jobs of the future we need investment in low-carbon industries and transport, not more unsustainable expansion of the UK’s airports.
‘CPRE local groups in Bedfordshire, Hertfordshire, London and Sussex have been at the forefront of campaigns to prevent further airport expansion. If implemented, these proposals would have a devastating impact on some of the UK’s most valuable agricultural land, vital wildlife habitats and green spaces close to millions of people’s homes.’
On the Lower Thames Crossing
‘The proposed Lower Thames Crossing would also drive-up levels of unsustainable travel at a time when funding should be directed into sustainable public transport instead. CPRE Kent has highlighted how the crossing’s environmental and economic impacts on the local area would far outweigh any supposed benefits.’
On zonal planning reforms
‘We welcome the government’s plan to support the construction of more homes close to existing transport hubs, particularly in our towns and cities. Provided that they are genuinely affordable and built on brownfield land, these homes could help unlock growth by providing sustainable places to live close to where people already live, work and go to school.
‘Building more homes close to transport hubs must not be allowed to undermine the Green Belt, one of this country’s most successful spatial protections with huge potential to help address the climate and nature emergencies.’
On the planning regime for Nationally Significant Infrastructure Projects
‘It’s clear we’ve got to build a clean energy grid fit for the future but the best way to achieve this is with local communities involved from the start.
‘To speed up the planning system, the government should deliver on its commitment to fund hundreds of new planning officers.
‘The UK could learn from countries such as Ireland and Australia, which involve communities in decision making from the beginning, reducing the need for lengthy and expensive legal processes without eroding democracy. For everyone’s sake, we should be building consensus, not dismissing people with real ideas and solutions as ‘blockers’.
Chancellor continues ‘bold reform’ of the planning system in England to deliver on the Plan for Change
Chancellor reveals new plans for more houses near commuter train stations to kick start economic growth, as government continues its bold reform of the planning system to deliver on the Plan for Change for working people.
Sweeping reforms under the Planning and Infrastructure Bill will take an axe to red tape that slows down approval of infrastructure projects and the government will work with Parliamentarians to ensure a smooth and speedy delivery.
Chancellor highlights in its first six months the government has already taken 13 planning decisions and approved 9 nationally significant infrastructure projects spanning airports, data centres, energy farms, and major housing developments.
Untapped land near commuter transport hubs will be unlocked to build new housing for working people, as part of ‘bold new steps’ to reform the planning system and unlock growth to deliver win-win outcomes for the country and the economy. The reforms will create secure, high-paying jobs and deliver major infrastructure faster to bolster public services and lower bills.
Ahead of the Chancellor’s speech next week on economic growth, the government has today announced how it will go further and faster to deliver Plan for Change milestones of 1.5 million new homes over five years and 150 decisions on major infrastructure projects by the end of the Parliament.
It follows the ambitious reforms unveiled by the Chancellor in July and delivered by the Deputy Prime Minister at the end of last year through publication of the overhauled National Planning Policy Framework.
The government’s next steps on planning reform include streamlining a set of national policies for decision making to guide planning decisions taken by local authorities and promote housebuilding in key areas.
In a major new growth push, the government will ensure that when developers submit an application for acceptable types of schemes in key areas – such as in high potential locations near commuter transport hubs – that the default answer to development is ‘yes’.
This will unlock more housing at a greater density in areas central to local communities, boosting the government’s number one mission to grow the economy. These measures will transform communities, with more shops and homes nearer to the transport hubs that working people rely on day in day out.
As part of these measures, the government will streamline decisions on critical infrastructure projects by slashing red tape in the planning system which is holding up projects. That means looking again at the input from expert bodies who developers are required to consult – and replacing the current systems of environmental assessment to deliver a more effective and streamlined system that reduces costs and delays for developers, whilst still protecting the environment.
The Chancellor also revealed today that she is championing a regeneration project around Old Trafford in Manchester that will see new housing, commercial and public space as a shining example of the bold pro-development model that will drive growth across the region, with authorities exploring setting up a mayoral development corporation body to redevelop the area.
The government is also working with Greater Manchester to release growth-generating land around transport hubs through local development orders, such as around Castleton Station, with the potential for this innovative use of existing powers to kickstart building in these sites to be a blueprint for the rest of the country so that every corner of the UK benefits from growth.
The new proposals tackle the dire inheritance head on. Last year homebuilding fell below 200k and permissions reached their lowest for over a decade, which is why the government is taking radical action necessary to reverse this trend and deliver the homes necessary to reach 1.5 million homes over this Parliament.
This government is turning the page on the decline and decay of the past and choosing growth with a significant number of planning decisions already made by Ministers since July. This includes 13 planning decisions taken by Ministers over 90% of which within the target timeframe, and 9 nationally significant infrastructure projects approved, collectively spanning airports, data centres, solar farms and major housing developments such as the Expansion of London City Airport, a data centre in Buckinghamshire and a new M&S store in Oxford Street, London.
The government has committed to making 150 decisions on these major economic infrastructure applications over this Parliament, more than doubling the decisions made in the previous Parliament and more than 130 made since 2011.
This will unlock the growth necessary to deliver win-win outcomes for the country and the economy – creating stable and high-paying jobs, building more affordable homes, and delivering critical infrastructure faster to bolster public services and lower bills – while improving the environment where it matters most.
Chancellor of the Exchequer, Rachel Reeves said: “I am fighting every single day in our mission to kick start the economy, deliver on our Plan for Change, and make working people better off. That includes avenues that others have shied away from.
“Too often the answer to new development has been “no”. But that is the attitude that has stunted economic growth and left working people worse off. We need to do things differently and that journey began as soon as I started at the Treasury in July. These are our next steps and I can say for certain, there is more to come.”
Deputy Prime Minister and Secretary of State for Housing, Angela Rayner said: “From day one I have been clear that bold action is needed to remove the blockers who put a chokehold on growth. That’s why we are putting growth at the heart of our planning system.
“Growth means higher wages, better living standards, families raising their children in safer homes, and the next generation taking their first steps onto the housing ladder.
“This year we will go even further to make the dream of homeownership a reality for millions and fix the housing crisis we inherited for good – getting more shovels in the ground to build the homes and vital infrastructure that our communities so desperately need.”
Growth is the number one mission of the Labour Government’s Plan for Change, so we can put more money in people’s pocket. Today the Chancellor is setting out further action on the government’s growth mission by announcing the following:
Planning
The Planning and Infrastructure Bill will provide the powers to accelerate the infrastructure and homes needed to deliver on the government’s ambitions – and fast track critical infrastructure such as windfarms, power plants, and major road and rail projects. Today the government is confirming for the first time that the Bill will be introduced in Spring and we will work with Parliamentarians to ensure a smooth and speedy delivery.
Further detail on the Bill is being published today in a working paper on streamlining decisions on nationally significant infrastructure projects, including reducing the burden on developers by making consultation requirements more proportionate, strengthening statutory guidance to ensure they are clear over what is and is not required when submitting planning applications, and ensuring that National Policy Statements are updated at least every five years to give more certainty to developers, speeding up decisions.
Previous working papers have already set out reforms to the operation of planning committees, and an overhaul of the way developers can discharge their environmental obligations so that they can crack on with building.
The Chancellor is today also announcing reform to the statutory consultee system, which requires developers to consult local communities and expert bodies when making planning decisions. This often means too many organisations consulted on too wide a range of issues, clogging up much-needed development.
Today the government has declared a moratorium on any new statutory consultees and the Chancellor and the Deputy Prime Minister will review in the coming weeks the existing arrangements to make sure they meet this Government’s ambitions for growth.
This follows changes announced last week to the rules around challenging major infrastructure projects through the courts – stopping blockers getting in the way of the Government’s Plan for Change and getting nuclear plants, trainlines and windfarms built quicker. Current excessive rules mean unarguable cases can be bought back to the courts three times.
This will be overhauled, with just one attempt at legal challenge for hopeless cases that would previously have caused much more delay.
Environment
The government is also reforming environmental impact assessments, which have strayed from their original purpose of supporting decision making and have become voluminous and costly documents that too often support legal challenges rather than the environment.
They will be replaced by Environmental Outcome Reports which will be simpler and much clearer, which will support growth by saving developers time and money, whilst still protecting the environment. The government will publish a roadmap for the delivery of these new Environment Outcomes Reports in the coming months.
This follows a working paper on development and nature published by the government before Christmas setting out a new approach that will turbocharge the delivery of housing and infrastructure while securing positive environmental outcomes.
Developers will be able to pay into the Nature Restoration Fund which will allow them to discharge relevant environmental obligations for protected sites and species and focus on building, safe in the knowledge that appropriate action will be taken to support nature’s recovery.
Major infrastructure
A working paper is being published setting out the government’s plan for its 10 Year Infrastructure Strategy, which will be focussed on infrastructure’s role in enabling resilient growth, delivering clean energy by 2030 and net zero by 2050 while securing the growth benefits of the transition, and improving public services.
The working paper seeks industry views as part of the government’s continued consultation on the development of the strategy which will be published in late Spring.
Jennie Daly, CEO of Taylor Wimpey said:“We continue to be impressed by the speed with which the government has gripped the need for planning reform to deliver much needed new housing supply. New high-quality housing and the infrastructure it brings are essential drivers of economic growth.
“We welcome the commitment from the government to introduce the Planning and Infrastructure Bill as a priority in the spring, and we look forward to supporting the promised consultation work on reforming the planning system to expedite decisions and overcome local barriers to growth.”
Mark Reynolds, Mace Group Executive Chairman and Co-Chair of the Construction Leadership Council said:“When the government and the Construction sector work in partnership we can unlock growth of up to 2% of GDP.The simplification and streamlining of the planning system is a significant contributor to this so the announcements today are a welcome development which could deliver £2 billion per year in savings once fully implemented.
“In addition the upcoming publication of the 10 year National Infrastructure Strategy is an opportunity to set out plans for ambitious growth and chart a direction for the industry, instilling confidence in businesses to invest in skills, innovation and deliver profitable growth, we look forward to contributing to its success.”
Neil Jefferson, CEO of Home Builders Federations said:“Identifying more land for development and removing the treacle from the planning process that delays applications is essential if we are to increase housing supply.
“The swift moves to address these blocks in the planning system are very welcome and will pay dividends if the other constraints on housing supply can be tackled. Housing delivery is dependent upon a range of factors, of which planning is a major one, and these changes underline the government’s commitment to increasing supply.”
Mayor of Greater Manchester, Andy Burnham said: “With our devolved powers we’re mobilising the whole Greater Manchester system to lock in growth for the next decade and reap the rewards for our city-region and UK plc.
“The project around Old Trafford represents the biggest opportunity for urban regeneration this country has seen since London 2012 and is a key part of our 10-year plan to turbocharge growth across Greater Manchester.
“We look forward working with the Government on moving freight away from the site around Old Trafford to new locations to open up capacity our rail network, and unlock massive regeneration potential – delivering benefits across the whole of the North.”
As part of its ‘relentless focus’ to get Britain building and achieve the ambition to build 1.5 million new homes over five years, the government has already:
Overhauled the National Planning Policy Framework, including new and higher mandatory housebuilding targets for councils, a comprehensive modernisation of the Green Belt, and far greater support for growth-supporting development such as labs and datacentres.
Launched a New Homes Accelerator group to unlock thousands of new homes currently in the planning system.
Published a series of working papers on further reforms to the planning system:
‘brownfield passports’, designed to ensure that where planning proposals meet design and quality standards, the default answer to planning permission is ‘yes’,
development and nature recovery, detailing a new approach for developers to discharge environmental obligations through payment into a Nature Restoration Fund which then allows them to crack on with building,
planning committees, proposing a national scheme of delegation to speed up the approval process and provide greater certainty to developers.
Set up an independent New Towns Taskforce, as part of a long-term vision to create largescale communities of at least 10,000 new homes each.
Awarded £68 million to 54 local councils to unlock housing on brownfield sites.
Awarded £47 million to seven councils to unlock homes stalled by nutrient neutrality rules.
Extended the existing Home Building Fund for this year providing up to £700 million of vital support to SME housebuilders, supporting the delivery of around 12,000 additional homes.
Confirmed that government investment in housing will increase to £5 billion for this year, including an extra £500 million in new funding for the Affordable Homes Programme to deliver tens of thousands of new affordable and social homes across the country.
A package of investment reforms to spur regional growth across the country is being announced to attract investment in all corners of the UK
Ahead of her speech next week on economic growth, the Chancellor has announced a new approach across the National Wealth Fund (NWF) and the Office for Investment (OfI), which will work with local leaders across the UK to support places to build pipelines of incoming investment and projects linked to regional growth priorities.
This new approach will put local knowledge and leadership at the forefront, with tailored strategies for each region, ensuring investment matches local needs and drives sustainable growth. Putting the government’s Plan for Change into action, the goal is to harness growth everywhere to rebuild Britain and usher in a decade of national renewal.
The National Wealth Fund will also trial Strategic Partnerships starting in Greater Manchester, West Yorkshire, West Midlands, and Glasgow City Region. These partnerships will provide enhanced, hands-on support with tailored commercial and financial advice to help regions develop and secure long-term investment opportunities.
This initiative will play a key role in unlocking investment across sectors such as technology, manufacturing, and green energy, helping to fuel the next wave of economic growth.
This builds on the positive impact the NWF has already had in supporting regional growth. In the last six months, the NWF has created 8,600 jobs and unlocked nearly £1.6 billion in private investment across various sectors, including green technologies, digital infrastructure, and manufacturing.
The news comes the same day as Regional Mayors are set to meet with the Deputy Prime Minister and other ministers from MHCLG, HMT, and DWP in Rotherham to discuss key regional priorities and how government can further support them to achieve their growth ambitions. This meeting will inform the government’s ongoing efforts to align national and local growth strategies and unlock investment opportunities in each region.
On top of this, OfI is working closely with local leaders and industry to turn regional growth plans into commercially attractive investment opportunities. Starting with Liverpool City Region and North East Combined Authorities, the OfI will pilot an approach that connects regions to central government and industry expertise to support them in unlocking private investment.
These initiatives will test how government can work in partnership with regions to see where investment can play a meaningful role in driving growth, which is the best way to improve living standards and put more money in working people’s pockets.
Launching this initiative in Scotland comes in recognition of the nation’s potential to drive forward ambitious projects in support of this government’s growth and clean energy missions.
The government is committed to working in close partnership with the devolved governments through the National Wealth Fund to maximise investment opportunities in Scotland’s cities to deliver growth.
Our cities have huge potential to drive improved living standards and spread opportunities across their wider regions. Bringing the productivity of major cities like Manchester, Birmingham, Leeds, and Glasgow to the national average would deliver an extra £33 billion in additional Gross Value Added (GVA) annually, contributing significantly to the government’s Plan for Change economic growth objectives.
The action today comes as the Chancellor returns from Davos, where she has been making the case for investment in the whole of the U.K. Since entering office, the government has been focused on restoring economic stability, which is the foundation of growth, to give businesses the confidence to invest and expand in the UK.
Securing investment is also central to the government’s mission to deliver economic growth which will create jobs, improve living standards, and make communities and families across the country better off as part of our Plan for Change.
Chancellor of the Exchequer, Rachel Reeves MP said: “At Davos I’ve been telling some of the world’s biggest investors that the U.K. is a safe bet for their investments, whether that’s in London or Leeds.
“And in our mission for growth, it’s critical that we are growing every region’s local economy, that’s why we are doing things differently.
“Those with local knowledge and skin in the game are best placed to know what their area needs, and our transformative reforms will put local leaders at the centre of a network that will connect them with investment opportunities, bringing wealth and jobs to their communities.”
Deputy Prime Minister, Angela Rayner said: “Growth is at the top of this government’s agenda, and we want to see that growth in every region across the country. That means giving local leaders the powers they need to get their local economies moving, which is exactly what we are doing with our Devolution Priority Programme.
“Today I am meeting with England’s regional Mayors to talk about how to realise their communities’ huge potential for growth – because they know their areas best.”
Business and Trade Secretary, Jonathan Reynolds said:“The UK is one of the most connected places in the world to do business, and investors should be in no doubt that Britain is back on the global stage, helping attract investment into the most productive parts of the UK economy.
“Our forthcoming Industrial Strategy will supercharge eight key growth sectors in the UK economy, unleashing the full potential of our cities and regions and giving businesses the certainty they need as we lead the charge for the innovation and jobs of the future.”
Scottish Secretary, Ian Murray said:“It’s fantastic to see that Glasgow has been chosen as one of four areas where the UK Government will develop investment pipelines. The move will see us engage with local leaders and tap into their expertise to find out exactly where we can best put to use support from avenues like the National Wealth Fund and Office for Investment.
“Encouraging regional growth is key to our Plan for Change, to speed up investment in business and industry, creating jobs and opportunity right across the UK.
“The potential for growth in Scotland is phenomenal and we’ll explore every opportunity to maximise that growth, to put more money in people’s pockets and see living standards improved everywhere.”
Further action to drive regional growth will also include a review of the Green Book, the government guidance on value for money, and how it is being used across the public sector to provide objective, transparent advice on public investment across the country. This review will report back at the conclusion of the Spending Review this summer.
There will also be a new senior taskforce, chaired jointly by HMT and MHCLG permanent secretaries, who will work with the Greater Manchester Combined Authority to explore further devolution opportunities in skills, transport, and business support.
The government will expand this engagement to other Mayoral Authorities through senior official working groups, to explore how national government can work with local leaders to ensure they have the appropriate levers available to deliver their Local Growth Plans and unlock economic growth across England.
Mayors are already delivering transformative outcomes, such as Greater Manchester’s Adult Skills Fund, which has supported 17,000 residents in accessing new learning opportunities, and the Bee Network, which is integrating public transport across the region.
This follows the English Devolution White Paper, published at the end of last year, which set out an enhanced devolution framework to ensure strategic authorities have the powers and tools they need to meet local growth ambitions.
Tracy Brabin, Mayor of West Yorkshire said:“This government knows that the best way to achieve its growth mission is by working with mayors and backing our Local Growth Plans to boost the economy in all parts of the country.
“With the National Wealth Fund based here in the heart of the North, driving forward transformational investments in partnership with local leaders, we will deliver the well-paid jobs and the vibrant, well-connected places our communities need and deserve.”
Mayor of Greater Manchester, Andy Burnham said: “Greater Manchester is growing faster than the UK economy but we have got so much more to give to UK plc.
“The reforms announced today will help us to do just that and go much further and faster in support of the national growth mission.
“We particularly welcome the opportunity to work with Government to review the Green Book and how it is used to steer public investment, as the current approach is not working for the North of England.”
Richard Parker, Mayor of the West Midlands said:“This is a great show of faith by the Government in our regions to deliver the growth and high-quality jobs the country needs. The West Midlands is a hotbed of innovation and business talent ready to support the Government’s mission for growth.
“With the Government, I’m focused on delivering growth and with plans for a gigafactory, and three Investment Zones secured, we’re already making progress on creating thousands of new jobs. At the same time I am equipping our people with the skills to succeed in the industries of the future such as advance manufacturing, life sciences and green technology.
“With this new Strategic Partnership, the West Midlands will be one of the best places to do business, with an economy that creates real opportunities and benefits everyone across our communities.”
Cllr Susan Aitken, leader of Glasgow City Council and chair of the Glasgow City Region Cabinet said:“This is welcome recognition of the Glasgow City Region’s role as Scotland’s metro region, a vital motor in delivering prosperity and with a track record of securing and delivering on investment.
“Cities and city regions are the vital engine rooms of local and national economic growth and Glasgow’s selection as one of the four strategic partnerships to work with Government on maximising investment opportunities will, I’m sure, contribute to our ambition to become the most innovative, resilient and inclusive regional economy in the UK.”
Chancellor and Business Secretary at World Economic Forum’s Annual Meeting in Davos this week
Ministers will meet CEOs and investors to bang the drum for British business
UK delegation to tell global business leaders and investors that the time to invest in Britain is now
Impressions from the World Economic Forum Annual Meeting 2025 in Davos-Klosters, Switzerland 18 January 2025. Copyright: World Economic Forum/Thibaut Bouvier
Ministers will be banging the drum for Britain at Davos this week, with the most visible UK Government presence in recent years pitching the UK’s investment offer to top business chiefs.
Chancellor Rachel Reeves and Business and Trade Secretary Jonathan Reynolds will meet with leading members of the global business community to encourage them to put their money into the UK and back British business.
They will highlight the UK’s political and economic stability, making us an attractive place to do business. This is backed by an unashamedly pro-business government that is slashing burdensome regulation, launching ambitious planning reform, and leveraging our trade relationships with Europe, America, Asia, the Gulf and beyond to help businesses use Britain as their base to connect with exciting global markets.
The visit will continue to deliver on the government’s number one mission to grow the economy and raise living standards for working people, coming days after the IMF revised their growth forecast for the UK economy upwards for next year.
The government’s Davos attendance also follows a survey from consultancy firm PwC, who on Monday ranked the UK as the second most investible location globally after the U.S. – the first time the UK has secured this position in the 28-year history of the survey.
Impressions from the World Economic Forum Annual Meeting 2025 in Davos-Klosters, Switzerland 18 January 2025. Copyright: World Economic Forum/Thibaut Bouvier
Chancellor of the Exchequer Rachel Reeves said:“Business leaders and investors need to know that the UK is where their businesses will flourish, so I’m meeting them face to face in Davos to make our case.
“We are one of the most exciting places in the world for them to put their money, with a history of innovation, a skilled workforce and a stable government that backs business. I will not rest until the UK economy is growing and this government is delivering on its Plan for Change, so we can put more money in people’s pockets.
“The time to invest in Britain is now.”
The Chancellor will be on the ground at Davos on Wednesday 22 and Thursday 23 January. She and the Business Secretary will speak at a Bloomberg event on Wednesday morning.
She will also speak at the Country Strategic Dialogue alongside Ruth Porat, president and CIO of Google and Julie Sweet, CEO of Accenture, to over 80 global CEOs and business leaders from across tech, financial services and green industries. In the evening the Chancellor will attend the Global Goals dinner.
On Thursday, the Chancellor will take part in a fireside chat with the Wall Street Journal to an audience of business leaders, following which she will speak at an economy roundtable with fellow finance ministers on global issues. The Chancellor will also speak at a lunch hosted by the CBI to an audience of 50 senior executives from UK-based businesses and international investors.
Meetings are planned with a wide range of CEOs and business leaders, including Jamie Dimon, CEO of JP Morgan, Jo Taylor, president of the Ontario Teachers’ Pension Plan, and David Solomon, CEO of Goldman Sachs – amongst others.
The Business and Trade Secretary will have bilateral meetings with many of his international trade counterparts, including Robert Habeck, Vice-Chancellor of Germany, Maros Sefcovic, Executive Vice-President of the European Commission and WTO Director-General Dr Ngozi Okonjo-Iweala.
He will also meet with a range of businesses and investors, including AON; Anglo American; AWS; Carlsberg; Capgemini; Honeywell; RWE; and SABIC.
Impressions from the World Economic Forum Annual Meeting 2025 in Davos-Klosters, Switzerland 18 January 2025. Copyright: World Economic Forum/Thibaut Bouvier
Business and Trade Secretary Jonathan Reynolds said:“Britain is back in business under this government, and our Plan for Change is already delivering for working people.
“The UK is the most connected market on earth, and we will continue to be the home for innovative businesses looking to face outwards to the world. We’ve lifted barriers to investment and secured £63 billion at the International Investment Summit, creating thousands of jobs in the process.
“These investments promise better wages, stronger communities, and better services and I’ll be at Davos to build on this momentum.”
The UK Government’s presence at Davos will also be the most visible in years, with print and out of home marketing promoting the UK’s connectivity, openness and opportunity to coincide with the summit.
Finance Secretary calls for clarity as local authorities set their budgets
The employer National Insurance increase must be fully funded to ensure local authorities have the resources they need to serve their communities, Finance Secretary Shona Robison has said.
Ahead of an appearance before the local government committee next week, Ms Robison again called on the UK Government to provide urgent clarity over the funding to help the Scottish Government and local authorities finalise their budgets.
The Finance Secretary said: “Scotland’s public services face a bill of more than £700 million as a result of the UK Government’s increase in employer National Insurance Contributions.
“There have been indications of likely funding reported in the media, but these fail to take account of the fact that we have a larger public sector per person than other parts of the UK, leaving us some £300 million short.
“It feels like Scotland is now being punished for having decided to employ more people in the public sector and to invest in key public services.
“We know local authorities are already under significant financial pressure. This will only continue to build unless the UK Government reimburses us in full for their tax increase. Councils are in the process of setting their Budgets now, so the sooner we have clarity over this issue the better – this is needed urgently.
“The Scottish Government will continue to work closely with COSLA to press the UK Government to provide the funding needed to support public services in Scotland.”
The First Minister and President of COSLA wrote to the Chancellor on 3 January, supported by 48 public and voluntary sector organisations to raise concerns at the impact of the increase to employer National Insurance contributions and to seek clarity on funding.
Chancellor pledges to work with regulators to develop ambitious reforms.
Today’s summit marks the first in a series of meetings with the regulators ahead of publishing action plan.
Reeves welcomes initial ideas from regulators to boost innovation and investment, but pushes for more ambition.
The CEOs of key regulators were urged to ‘tear down regulatory barriers’ that hold back economic growth at a summit in the Treasury yesterday.
In a meeting hosted by the Chancellor of the Exchequer and Secretary of State for Business and Trade, chief executives at watchdogs covering sectors including railways, water, energy, aviation were told that economic growth is the absolute top priority for the government, as part of the Plan for Change for put more money in people’s pockets.
The meeting was the first in a series following a joint letter from the Prime Minister, Chancellor and Secretary of State for Business and Trade in December, in which the government asked the regulators to each propose five reforms to support growth in the coming year. Over the coming weeks, 17 regulators will be called in to have their proposals scrutinised as the government leaves no stone unturned to deliver growth.
At yesterday’s meeting, the Chancellor told the regulators that they would have a key role to play in delivering growth by helping to create a regulatory environment that unlocks innovation and investment, supports businesses to thrive and allows much needed infrastructure to be built.
The regulators agreed with the Chancellor that they have a role to play in driving growth but highlighted that there are some barriers, including the need to balance growth with their other legal responsibilities.
The Chancellor noted that the regulators’ responsibilities had accumulated over time and said she was open to hearing about where this was preventing them from taking clear, consistent and balance actions to drive growth.
She emphasised the importance of leadership to deliver a mindset shift on regulation, calling on each of the CEOs in the room to institute cultural change based on helping to deliver growth instead of excessively focusing on risk.
The Chancellor also promised that the government would work with them to develop and deliver important reforms by playing its part, including by making time for legislation where it is needed or using the upcoming Spending Review, and noted the Prime Minister’s promise to rip up regulation that blocks investment to make the regulatory regime fit for the modern age.
The Chancellor was clear that while some of the proposals already put forward were promising, she wanted to see greater ambition and urgency to drive economic growth. She emphasised that fresh ideas were needed and noted that the Government will also ask industry to come forward with their own ideas to deliver a more growth supportive regulatory environment.
She highlighted some specific and promising ideas she had heard from the regulators today. These included: driving greater responsiveness to business demands, particularly on planning and license applications; grant funding administered by Ofwat to drive innovation in the water sector supply chain; energy tariff reform; increasing access to rail operator efficiency data and innovative drone solutions which would unlock growth in the public sector.
The regulators agreed to continue working with the government on their proposals reform ahead of publishing an action plan in Spring, and welcomed today’s strategic discussion.
The Chancellor finished the meeting by reiterating that leadership matters, noting that every regulator would have to play their part to improve living standards across the country.
Following the meeting, Chancellor of the Exchequer Rachel Reeves said: “There’s no substitute for growth. It’s the only way to create more jobs and put more money in people’s pockets, which is why it’s at the heart of our Plan for Change.
“Every regulator, no matter what sector, has a part to play by tearing down the regulatory barriers that hold back growth. I want to see this mission woven into the very fabric of our regulators through a cultural shift from excessively focusing on risk to helping drive growth.”
