Jurisdiction(s):
United Kingdom

UK Chancellor outlines £7.3bn wealth fund, pension investment drive and fiscal review, plus planning overhaul, onshore wind and business rates reform to spur housing, infrastructure and private investment

Published on: 10 July 2024

Published by a Law360 reporter

Legal News

Article summary

A £7.3bn wealth fund would catalyse investment and support the modernisation of the industry, Reeves said. Pension schemes will also be urged to prioritise backing domestic firms, while the wealth fund is intended to channel capital into ports, gigafactories and steelworks. 'We will focus on the pensions system to drive investment into homegrown British enterprise and to secure better returns for pension savers,' Reeves said. According to Reeves, the Treasury will undertake a comprehensive evaluation of the government's fiscal inheritance. She underlined that the government continues to rule out fresh tax rises or large-scale spending splurges. 'We face a legacy of 14 years of chaos and economic irresponsibility. That is why, over the past weekend, I directed Treasury officials to deliver an assessment of the condition of our spending,' Reeves said in a speech at the Treasury in Whitehall. She will set out her detailed fiscal review in full to Parliament before the summer recess starts later this month...

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