Chancellor John Healey has unveiled plans to cut delays, boost investment and help businesses scale as the government targets economic growth across every postcode…reports Asian Lite News Desk
Chancellor John Healey has unveiled a package of measures aimed at accelerating economic growth, cutting delays to major projects and helping high-growth businesses expand across the UK.
Speaking at the Manufacturing Technology Centre in Coventry on Monday, September 7, Healey said the government would focus on removing barriers to investment while giving businesses and local leaders greater powers to drive growth.
A key ambition announced by the Chancellor is to double the number of UK unicorn companies, defined as private businesses valued at more than £1 billion.
The government will work with Business Secretary Jonathan Reynolds to identify the next generation of high-growth companies and help them overcome regulatory barriers, secure investment and win government contracts as early customers.
Healey also announced the Northern 500 initiative, which will bring together 500 ambitious mid-sized businesses in the North into a single growth community. The programme will be led by the Great North partnership of mayors and supported by the private sector and central government.
A new £150 million British Business Bank fund will also support high-growth companies in the North, with the aim of helping them create jobs, attract private investment and grow while remaining in their communities.
The government is also planning new powers for regulatory sandboxing, expected to be ready next year. Sandboxing allows businesses and regulators to test new products, services or business models in controlled environments before wider deployment.
Potential applications include innovative medical treatments, delivery robots, defence technologies and autonomous maritime vehicles.
Alongside measures to support businesses, the Chancellor announced reforms intended to reduce delays affecting nationally significant infrastructure projects.
Changes to the judicial review process will include a mechanism allowing Parliament to designate and approve projects considered to be of critical national importance. Such projects would receive enhanced protection from legal challenges.
The government also plans to introduce a fixed Challenge Window, requiring legal challenges to be identified and addressed earlier in the process.
Ministers will be encouraged to reduce unnecessary public consultations and use them only where there is a clear reason to do so. The government also intends to reduce consultation and reporting requirements through legislation.
The Attorney General is expected to issue updated guidance stating that legal risk should inform ministerial decisions rather than determine them.
The government cited Sizewell C as an example of delays caused by legal challenges. It said two judicial reviews were dismissed by the courts but nevertheless delayed the project.
Healey also pointed to the lengthy process involved in introducing compulsory microchipping for cats and the repeated consultations surrounding East West Rail as examples of administrative delays.
The reforms follow the Fingleton Review, which examined how excessive risk aversion and slow decision-making can affect major infrastructure delivery.
The government said No10 North, a programme focused on accelerating growth and improving delivery, will continue working with departments to identify projects facing delays and potential changes to legislation, regulation or processes.
A review of the costs of rail infrastructure is also expected to begin in the coming weeks, with the government looking for ways to reduce the cost of delivering new rail projects.
The latest measures follow other recent announcements, including a £100 million Sovereign AI research and development procurement scheme and changes to the Treasury’s Green Book for assessing public investment.
The government has also committed to reducing the administrative burden of regulation by 25% by the end of the Parliament, equivalent to £5.6 billion annually.
