Rachel Reeves Launches Ambitious Plans to Boost UK Economy

Britain's new finance minister Rachel Reeves announced plans to stimulate economic growth by increasing house building, unblocking infrastructure projects, and attracting private investment. Following Labour’s historic election victory, Reeves alongside Prime Minister Keir Starmer outlined measures to improve planning approvals and accelerate green energy projects, amidst a stagnant economy and high public debt.

Rachel Reeves, Britain's newly appointed finance minister, unveiled a sweeping plan on Monday aimed at propelling economic growth by boosting house building and unblocking stalled infrastructure projects. The initiative, announced after the Labour Party's dramatic electoral win, seeks to tackle long-standing economic challenges.

In a Westminster speech, Reeves detailed the government's strategy to reinstate mandatory house-building targets for local councils, expedite planning approvals, and hire more planning officers. Reeves also underscored an urgent need to accelerate green energy projects by centralizing their assessment process and lifting bans on onshore wind farms.

Reeves emphasized the necessity of making difficult decisions, even those likely to face local resistance, to prioritize national interests. Observers note that this proactive approach could mark a significant shift from the previous government's policies, with further tax-and-spend budget plans expected later in the year.

(With inputs from agencies.)