The British Airways Boeing 787-8 Dreamliner aircraft was found flying with a final approach over the roof of a house on Myrtle Avenue to land at LHR in London Heathrow Airport, UK.
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UK Finance Minister Rachel Reeves announced plans on Wednesday to deliver shots of the arms for the country’s sick economy, informing her that she supports the long-standing expansion of one of the world’s busiest airports.
In a major growth speech in Oxfordshire, Reeves said the third runway at London’s Heathrow Airport is “worstly needed,” increasing investment, supporting the economy’s expansion and potentially It added that it will create more than 100,000 jobs.
Citing a consultant frontier economics study, Reeves suggested that the third runway at Heathrow could increase gross domestic product by 0.43% by 2050.
Her comments come in the announcement of a series of projects to reform the UK’s planning system, including redeveloping Manchester United’s soccer stadium in North England and investing in the Oxford Cumbridge “Growth Corridor.” I did.
“Low growth is not our fate, but without a fight, growth will not happen.” She promised to go “even faster” to meet what’s called the “number one priority” of kickstarting the UK economy.
Labour parties on the left and right of the ruling centre told reporters at the World Economic Forum in Davos, Switzerland that the mission is more important to the government than its target of net-zero emissions, Reeves told reporters last week. .
Reeves on Wednesday described net zero as “an industrial opportunity of the 21st century” and said there was no trade-off between economic growth and the energy transition.
Heathrow CEO welcomes expansion plans
Supporters of Heathrow’s third runway say it’s better to connect the UK to a long-distance destination.
Meanwhile, the Environment Campaign Group has sharply criticised the expansion plan at Europe’s busiest hub, saying it can achieve economic growth without compromising the country’s climate targets.
Heathrow CEO Thomas Woldbye welcomed Reeves’ comments on the potential expansion of the airport.
“Heathrow is the gateway to UK growth and prosperity. The third runway and its accompanying infrastructure will unlock billions of pounds of personal funds to stimulate the UK supply chain during construction. Let’s do,” Woldbye said in a statement.
“Through strict environmental measures, we will demonstrate that commitment to future generations can be realized by responsibly growing the economy,” he added.
British Prime Minister Rachel Reeves will give a growth speech at the Siemens Healthniers Factory near Oxford, UK on Wednesday, January 29th, 2025.
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The Treasury is also reportedly considering increasing capacity at the second runway at Gatwick Airport in London and at Luton Airport.
The UK’s economic output returned to growth last November, but its expansion was weaker than expected, at just 0.1%.
A report released last year shows that the UK’s net-zero economy, which covers sectors including renewable energy and green finance, expanded by 9% in 2023, in contrast to the slightest growth seen in the wider economy. got it.
“The green economy is growing rapidly and can expand even faster with greater government support. It doesn’t have to be a growth or environmental issue, especially if the green economy is outweighing other sectors. “Rosie Downes, the head of the campaign at Friends of Earth, said in a statement.
The “easy route” to growth
A general view of an aircraft at Heathrow Airport in London, England on October 11, 2016.
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The Finance Minister has been under sustained pressure since he announced the Treasury expenditure and taxation plan last fall and focused on increasing tax burdens on British companies. The package has attracted widespread criticism from industry leaders about its impact on investment, employment and economic growth.
Reeves defends that strict measures are needed to achieve economic stability and that “there is no option.” She also said last November that the British Industrial Federation said “we haven’t seen an increase in borrowing or taxes.”
Conservative Finance Minister and MP Gareth Davis told CNBC on Wednesday that the opposition supported the growth agenda, but tax announcements in the fall budget undermined business confidence and thwarted investment. He spoke.
“We support the pros, deregulation, absolutely important for our country’s economic growth, but you cannot have it at the same time as the anti-growth tax policy. He has CNBC’s “Squawk Box He told Europe.
“But the broad principle is that we want more infrastructure for our economy and our country, and this will drive growth. So let’s take a look at what today’s announcement is. Let’s,” he said ahead of Reeves’ speech.
