Preparing for Change: UK General Election Update
July 12, 2024
Preparing for Change: UK General Election UpdateJuly 12, 2024 The new Government has clearly signalled that it wants to get down to business straight away. As expected, growth is the cornerstone of the agenda. While the Chancellor led the charge with her first significant speech, it is clear that every Department is expected to get involved and big announcements were pan-Government. In more detail:Planning: significantly, planning reforms were announced by the Chancellor, Rachel Reeves, showing that the Government has identified planning as a key blocker to economic growth. The reforms fall into four main buckets:
National investment: The much talked about National Wealth Fund was announced. While plans are still vague, this seems to be seen as building on the work of current public finance institutions (primarily the UK Infrastructure Bank and the British Business Bank) to engage more with industry and to catalyse private sector partners to make “transformational” investments across the country. Energy policy: the priorities announced here include:
Utilities and transport: alongside the much anticipated Ofwat water determinations, the Government’s announcements on water company governance also sought to balance the customer’s needs with the necessary investment for the future. In transport, again there was a key focus on infrastructure, and a better integrated transport network as well as the expected rail reform. Digital: the Department for Science, Innovation and Technology (DSIT) will expand in both scope and size bringing in experts in data, digital and AI from the:
This is intended to herald DSIT as the “digital centre of government”, working closely with the Cabinet Office and the Treasury. The manifesto did not give detail on how the Government will use AI and data to drive transformational change in public services but in a constrained fiscal environment, this is likely to be one of the key themes for the next few years. Follow our G&I sector LinkedIn page to keep up to date with the latest developments. Latest Insights
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