{"id":227085,"date":"2025-01-29T16:29:22","date_gmt":"2025-01-29T16:29:22","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/01\/29\/growth-plan-how-will-rachel-reevess-plans-affect-me\/"},"modified":"2025-01-29T16:29:28","modified_gmt":"2025-01-29T16:29:28","slug":"growth-plan-how-will-rachel-reevess-plans-affect-me","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/01\/29\/growth-plan-how-will-rachel-reevess-plans-affect-me\/","title":{"rendered":"Growth plan: How will Rachel Reeves’s plans affect me?"},"content":{"rendered":"
\"Growth<\/div>


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Lucy Hooker<\/span><\/p>\n

Business reporter, BBC News<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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\"GettyGetty Images<\/span><\/div>\n<\/div>\n<\/figure>\n
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Chancellor Rachel Reeves has backed the construction of a third runway at Heathrow, and a whole host of other plans – with the aim of getting the UK economy growing.<\/p>\n

In the chancellor’s words growth is not “just about lines on a graph” but also about “the pounds in people’s pockets”.<\/p>\n

So will it make us all feel better off? And how soon?<\/p>\n<\/div>\n

What did Rachel Reeves say?<\/h2>\n<\/p>\n
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Not for the first time, the chancellor has been stressing how important growth is, and that this government is making growth its priority.<\/p>\n

More economic growth should mean more jobs, higher wages, and more taxes flowing in to finance government spending on public services, such as education, policing and healthcare.<\/p>\n

“Without economic growth, we cannot improve the lives of ordinary working people,” Reeves said.<\/p>\n

She outlined plans for expanding airports and creating a science hub around Oxford and Cambridge, building reservoirs and upgrading rail lines.<\/p>\n

And she set out how she wants to make the UK a better – and easier – place to do business.<\/p>\n<\/div>\n

Will boosting growth affect me?<\/h2>\n<\/p>\n
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There’s always a fierce debate over what will or won’t make the economy grow.<\/p>\n

Growth measures any increase in the size of the economy, which means all the things we buy and sell, whether that’s a haircut or a house.<\/p>\n

Every government says it wants to boost growth, and comes up with its own plan. But whether it works depends on a huge range of factors, including what is happening in other countries. And currently growth in the UK is flatlining.<\/p>\n

Reeves’ plan is to get things moving by backing big building and transport projects, making it easier to get planning approval, and encouraging more money from firms rather than goverment money.<\/p>\n

The benefits of growth are never felt evenly, so even if it’s a big success, some will benefit more than others.<\/p>\n

For some people it could mean a new job, or higher wages, especially if you work in a sector that is seeing the direct benefit of new investment, for example, construction or AI.<\/p>\n

Even if you don’t, there could be a knock-on “domino” effect as the first people to benefit go out and spend more in pubs, shops and elsewhere, boosting earnings for other businesses.<\/p>\n

But most of us will only get a sense that the economy is growing when we see cranes towering above a new building site or new shops opening on the High Street. <\/p>\n

And although Reeves said she wants to improve living standards across the UK most of the specific projects she announced were in the south of England.<\/p>\n<\/div>\n

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\"GettyGetty Images<\/span><\/div>\n<\/div>\n<\/figure>\n

When will I feel the benefit?<\/h2>\n<\/p>\n
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We might be told the economy is growing. We might even see building underway. But it could take a while longer for us to feel any direct benefit – more pounds in our pockets.<\/p>\n

That’s because a lot of the projects Reeves outlined will take years to be delivered. <\/p>\n

Construction on the new runway at Heathrow for example is unlikely to start before 2035.<\/p>\n

So if you aren’t a planner, a lawyer or a builder, that means waiting a while for the impact to ripple out to you.<\/p>\n

Even Reeves admitted things “can’t be turned around overnight”.<\/p>\n

But the chancellor is banking on one other thing that could have an effect a little sooner.<\/p>\n

She has been criticised for being too gloomy about the UK’s prospects. Now she is focusing on “opportunity” and “potential”.<\/p>\n

If she can make people feel more optimistic about the UK’s economic fortunes, there could be a much faster boost to our mood. People may spend more and employers may choose to spend some of that money on pay rises. <\/p>\n<\/div>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Lucy Hooker Business reporter, BBC News Getty Images Chancellor Rachel Reeves has backed the construction of a third runway at Heathrow, and a whole host of other plans – with the aim of getting the UK economy growing. In the chancellor’s words growth is not “just about lines on a graph” but also about “the […]<\/p>\n","protected":false},"author":2,"featured_media":227086,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/www.bbc.com\/bbcx\/grey-placeholder.png","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[5772,569,736,1925,4947,7876],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/227085"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=227085"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/227085\/revisions"}],"predecessor-version":[{"id":227087,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/227085\/revisions\/227087"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/227086"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=227085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=227085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=227085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}