Kwarteng vows to cut planning red tape
New legislation to speed up planning for major infrastructure projects will be pushed through by the government as part of its plan for growth.
Chancellor Kwasi Kwarteng told the Commons today: “We will bring forward a new bill to unpick the complex patchwork of planning restrictions and EU-derived laws that constrain our growth. We will streamline a whole host of assessments, appraisals, consultations, endless duplications, and regulations.”
The forthcoming bill was announced in this morning’s mini-Budget by Kwarteng, who has dubbed it ‘The Growth Plan’.
New legislation to speed up planning for major infrastructure projects will be pushed through by the government as part of its plan for growth.
Chancellor Kwasi Kwarteng told the Commons today: “We will bring forward a new bill to unpick the complex patchwork of planning restrictions and EU-derived laws that constrain our growth. We will streamline a whole host of assessments, appraisals, consultations, endless duplications, and regulations.”
The forthcoming bill was announced in this morning’s mini-Budget by Kwarteng, who has dubbed it ‘The Growth Plan’.
Starting with heavily trailed plans to cap energy bills, Kwarteng moved on to a raft of business-friendly measures. In what he said was a “new approach for this new era” to loud heckling, Kwarteng said the plan would be “built around three central priorities: reforming the supply-side of the economy; maintaining responsible approach to public finances; and cutting taxes to boost growth.”
Also included were proposals for up to 40 Investment Zones, where planning and tax rules will be relaxed, and an immediate cut to Stamp Duty.
The value of property that will not be hit by stamp duty has doubled from £125,000 to £250,000, while first-time buyers will pay no stamp duty on properties up to £425,000.
Kwarteng also said he would act to release more government land for housing and other development. “To increase housing supply and enable forthcoming planning reforms, we will also increase the disposal of surplus government land to build new homes. We are getting out of the way to get Britain building.”
There was also a promise of the much-anticipated cuts to personal taxes. From April 2023, the basic rate of income tax will be cut to 19%, a year earlier than planned. The chancellor also abolished the additional rate of tax, taking effect from April 2023. In its place will be a single higher rate of income tax of 40%.
Commending the Growth Plan to the House he added: “That is how we will turn the vicious cycle of stagnation into a virtuous cycle of growth.”
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