Plans to grow the economy, and how recent storms have affected businesses
Today we look back on Rachel Reeves’s recent speech giving details of the government’s plans to deliver economic growth, plus how the recent storms have affected UK businesses.
Chancellor’s speech: An update on economic growth measures
The Chancellor of the Exchequer, Rachel Reeves, delivered a speech last week that served as an update on the government’s plans for delivering economic growth.
The plan largely focused on developments proposed around Oxford and Cambridge as well as a third runway at Heathrow. Here are some of the highlights from the speech.
Oxford and Cambridge Growth Corridor
The Chancellor highlighted the potential growth available in the area between Oxford and Cambridge and feels this could become Europe’s answer to Silicon Valley. Currently, slow transport links and a lack of affordable housing have been identified as holding this potential back.
Improvements to rail transport links with East-West Rail and making Tempsford a mainline station were announced. There are also plans to upgrade roads between Milton Keynes and Cambridge to improve travel times.
A new Cambridge Cancer Research Hospital is being prioritised, and there are plans for a new Fens Reservoir to serve Cambridge and South East Strategic Reservoir near Oxford.
The Chancellor also announced that the Environment Agency have removed their objections to a new development in Cambridge that will provide 4,500 new homes together with schools and business premises.
A new AI Growth Zone in Culham is intended to speed up planning approvals for rapid build-out of data centres. And Cambridge University are planning a new flagship innovation hub in the centre of Cambridge, partly to attract investment and partly to help with building an innovation-focused community.
Third runway at Heathrow
While a third runway has already been previously approved, plans are stepping up to bring this to reality. The government is inviting proposals to be brought forward by the summer and will then take forward a full assessment through the Airport National Policy Statement.
The Chancellor reported that a third runway could increase GDP by 0.43% and create 100,000 jobs.
Other highlights
The Chancellor mentioned other developments as follows:
- Approach to trade: The government will continue to work on building economic relationships with the United States, the EU, and faster-growing economies around the world – China and India were mentioned.
- Employment system reforms: The Secretary of State for Work and Pensions will be setting out reforms to the welfare system before the Spring Statement. And an Immigration White Paper will bring forward proposals to bring overall levels of net migration down, while the government also looks at visa routes for very highly skilled people.
- Pensions system reforms: A final post-consultations report on the creation of larger consolidated funds will be published in the spring.
- Regulatory system: Following discussions with Heads of the largest regulators, an action plan on how they can be more agile and responsive to businesses will be published in March.
- Planning reforms: The Planning and Infrastructure Bill, to be introduced this Spring, will reduce environmental requirements placed on developers when they pay into the nature restoration fund. Measures will also make it easier to develop new infrastructure like nuclear power stations, trainlines and windfarms.
- Investment: Further investments by the National Wealth Fund in Connected Kerb and Cornish Metals were announced. A refreshed Carbon Budget Delivery Plan is planned for publication later this year as Net Zero is seen as an industrial opportunity.
- Infrastructure: Offshore windfarms in areas like East Anglia and Yorkshire could become a reality, and the government plans to work with the private sector to deliver a Lower Thames Crossing that will improve connectivity. Developments to Old Trafford, South Yorkshire Airport and East Midlands Airport were also discussed. The government is also moving forwards with the Wrexham and Flintshire Investment Zone, and the potential of unlocking land around stations is seen as a good way to improve infrastructure in Manchester and Leeds.
To read the Chancellor’s speech in full, see: https://www.gov.uk/government/speeches/chancellor-vows-to-go-further-and-faster-to-kickstart-economic-growth
Rising above the storms: Finding strength in recovery
Severe weather can be an enormous challenge for businesses, and we have seen plenty of it recently. Power outages, property damage, and forced downtime are not just disruptions—they can feel like setbacks that threaten months or years of hard work. If your business has been affected by recent storms, you are not alone, and it’s important to remember that resilience is built in moments like these.
While you may already be taking steps to recover and regroup, this article is here to offer encouragement, practical ideas, and a reminder of your strength as you navigate this difficult time.
1. Acknowledge what you’ve accomplished so far
The immediate aftermath of severe weather is often chaotic, but just reaching this point – whether that means safely evacuating your team, assessing damages, or reopening your doors – deserves recognition. It’s easy to focus on what’s left to do but take a moment to appreciate the progress you’ve already made.
2. Lean on your community
This is the time to reach out. Whether it’s fellow business owners in your area, local organisations, or your loyal customers, communities often come together after storms to support one another.
Consider sharing your story – be it on social media, with local news outlets, or directly with your customers. People value transparency and are often willing to help, whether that’s through donations, purchases, or simply spreading the word about your situation. You might be surprised by the generosity and encouragement you receive when you allow others to step in and help.
3. Focus on small wins
When faced with a long recovery process, it can be daunting to think about everything that needs to be done. Instead, break it down into small, manageable steps.
- Got the power back on? Celebrate that!
- Restored internet or phone lines? Another win!
- Completed an insurance claim or arranged for repairs? That’s progress.
Each small step forward is a reminder that you are moving closer to full recovery. Recognising these wins can help sustain your motivation during challenging times.
4. Prioritise what matters most
When everything feels urgent, it’s helpful to pause and prioritise. What will have the most immediate impact on your business and your peace of mind?
For some, it might mean getting back in touch with clients to reassure them. For others, it could be addressing critical repairs or setting up temporary solutions to resume operations. There’s no “right” way to recover—just the way that makes sense for you, your team, and your customers.
5. Remember your strength
Storms test us, but they also reveal our strength and adaptability. Think back to other challenges your business has faced. Each time, you found a way through, and this time will be no different.
It’s okay to feel frustrated or exhausted, but don’t let those feelings define your story. Every day you continue to take action is a testament to your resilience.
6. Look ahead with hope
While the present may feel overwhelming, there is a future beyond this storm. Use this moment to think about how your business can grow even stronger in the years to come. Whether it’s improving emergency preparedness, forging new relationships in your community, or finding innovative ways to adapt, there could well be opportunity in rebuilding.
A final word of encouragement
If you’re reading this and feeling overwhelmed, know that it’s okay to take a breath. Getting your business back on track may be more of a marathon than a sprint. However, the work you’re doing now is laying the foundation for better days ahead.
The storm may have disrupted your plans, but it hasn’t changed your ability to move forward. Keep going – you’re doing incredible work, even if it doesn’t always feel that way. Your resilience is inspiring, and your business will weather the storms!