- Rachel Reeves unveiled plans for "fiscal devolution," allowing local leaders to control a share of national taxes, including income tax, to boost growth outside London.
- The Chancellor announced £2.3 billion in new funding for mayors in major city regions, particularly in the North and Midlands, to stimulate growth and attract private investment.
- Further measures include doubling funding for the Oxford-Cambridge growth corridor and introducing new government compulsory purchase powers to accelerate building.
- Reeves also outlined a strategy for closer ties with the European Union, suggesting alignment with EU rules should be the norm, and pledged a £2.5 billion investment in artificial intelligence.
- The Institute For Public Policy Research welcomed the plans as a step towards rebalancing the economy, though Shadow Chancellor Sir Mel Stride criticised Reeves for "dragging us back into the old Brexit arguments."
IN FULL
