Conservative shadow chancellor Andrew Griffith is set to outline plans aimed at boosting the UK economy, including proposals to reduce taxes, cut red tape and lower the cost of building new homes.
The Conservatives are using their party conference in Birmingham to set out a range of economic policies. These include measures aimed at reducing food prices, supporting the expansion of Heathrow Airport and abolishing Natural England and the Environment Agency.
The party also wants to replace existing arrangements that require developers to contribute towards local infrastructure and community facilities when new developments are built.
Griffith is expected to describe the proposals as the “most ambitious deregulation project in a generation”. However, Reform UK has accused the Conservatives of copying its policies.
Conservatives Set Out Economic Plans
The announcement comes after Conservative leader Kemi Badenoch published a 100-page document setting out her political principles and explaining how the party would govern if it returned to power.
The Conservatives have been working to rebuild their reputation following their heavy defeat at the 2024 general election. The party has faced continued criticism from political opponents over its record during 14 years in government, including its handling of the economy.
Speaking to BBC Breakfast, Griffith said improving infrastructure would be central to the Conservatives’ approach and backed plans to expand Heathrow Airport.
He argued that the UK needed to take infrastructure development more seriously, pointing to the long-running delays surrounding Heathrow’s proposed third runway.
Griffith also highlighted the need for better systems for delivering major infrastructure projects, including reservoirs and nuclear reactors.
He confirmed that the Conservatives would retain the state pension triple lock, despite criticism of the policy from some senior members of his own party.
Griffith previously questioned the policy in 2021, describing it as unfair because pensioners could benefit from economic difficulties experienced by others.
Former chancellor Jeremy Hunt and shadow foreign secretary Tom Tugendhat have also raised concerns about whether the current pension arrangement can continue indefinitely.
Griffith is expected to attack Prime Minister Andy Burnham’s approach, accusing him of pursuing what he called a “socialist fever dream of the 1970s”. He will instead argue that the Conservatives want to deliver cheaper homes, lower taxes and less regulation.
Labour has rejected the Conservatives’ claims. Party chairwoman Bridget Phillipson said the Tories had spent 14 years in government without successfully growing the economy or helping more people onto the housing ladder.
Chancellor John Healey has said the government’s spending commitments will be based on fiscal discipline, with the Budget on 28 October expected to provide greater certainty for households and businesses.
Plans to Cut the Cost of New Homes
The Conservatives are also proposing changes to housing and environmental regulations.
The party wants to remove a number of environmental and energy efficiency requirements, including the future homes standard.
It estimates that its proposed changes could reduce the cost of constructing a new property by as much as £50,000. The Conservatives argue that developers could pass some of these savings on to buyers.
The party also wants to replace Section 106 agreements and the Community Infrastructure Levy with a single levy paid by developers.
These existing arrangements are used to fund local infrastructure and community facilities when developments are approved. The Conservatives argue that a simplified system could reduce delays and make it easier for communities to benefit from the money raised.
The party is also calling for Natural England and the Environment Agency to be abolished. Their responsibilities would instead be brought under the Department for Environment, Food and Rural Affairs.
The proposals have faced criticism from the Prospect union, which represents workers at both organisations.
Prospect general secretary Mike Clancy argued that insufficient funding, rather than the existence of the regulators, was responsible for many delays. He said the answer was to provide adequate resources rather than remove safeguards.
Conservatives Target Business Costs
Another proposal would see the Conservatives scrap the Extended Producer Responsibility scheme for packaging.
The current system requires businesses to contribute towards the collection, recycling and disposal of packaging they produce.
The Conservatives argue that removing the scheme would reduce costs for businesses and could ultimately help bring down the price of household shopping.
The party is also preparing to make Heathrow expansion a central part of its infrastructure plans.
Griffith is expected to say that a future Conservative government would support the construction of Heathrow’s third runway and take action to overcome delays surrounding the project.
Plans for the runway were abandoned by the Conservative-led coalition government in 2010. However, the project later received renewed political support, with former chancellor Rachel Reeves arguing that expansion could help strengthen the economy.
Burnham has so far declined to give a clear position on the project since becoming prime minister, describing it as primarily an issue for London and Londoners.
Opposition Parties Attack Proposals
The Conservatives’ plans have attracted criticism from across the political spectrum.
Liberal Democrat deputy leader Daisy Cooper accused the party of being anti-growth and anti-business, while also criticising its position on closer relations with Europe.
She argued that voters would struggle to take Conservative economic promises seriously given what she described as a long list of unrealistic financial commitments.
Reform UK’s economy spokesman Robert Jenrick also attacked the proposals, accusing the Conservatives of copying policies previously put forward by his party.
He pointed to Reform’s proposal to increase the tax-free personal allowance to £15,000, arguing that the Conservatives had failed to match its plans.
The Green Party also criticised the housing proposals. MP Ellie Chowns argued that removing regulations designed to secure affordable housing and local infrastructure would benefit developers while leaving communities to deal with the consequences.
The Conservatives are expected to provide further details of their economic and regulatory proposals during speeches and events at the party conference.
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