Reevessays she has also changed how the Treasury’s “green book” evaluates projects when it decides if they are worth investing in.
The Treasury green book sets the guidance for how public servants assess the value for money of government projects. It may sound dry, but it is one of the reasons why there hasn’t been enough investment in the north and the Midlands for decades.
(The argument against the old rules was that they focused on potential overall gains to the UK economy, which meant that transport projects in the south-east, which would stimulate economic activity by high-earning workers, invariably seemed better value than projects elsewhere in Britain that would stimulate economic activity by workers earning less.)
Reevessays her changes to the fiscal rules last year will make more investment possible.
Reevessays in the spending review next week “not every department will get everything that they want”.
And she goes on:
Reevesis now talking about her fiscal rules.
But rules matter because Liz Truss showed what “the dangers of reckless borrowing” with her mini budget, she says.
And she goes on to attack Reform UK.
Reevessays opportunity has not been fairly shared. As a Leeds MP, she knows that areas have been held back by decisions made in London.
She says she will hold a regional investment summit later this year with regional mayors.
Reevessays recent figures showed UK to be the fastest growing economy in the G7.
And she says real wages rose more in less than 10 months underLabourthan they did in the first 10 years of the last Conservative government.
Rachel Reevesis speaking now. She is speaking at the Mellor bus factory in Rochdale.
She starts by saying she wants to explain howLabourwill build a stronger Britain.
She knows how hard it has been, she says.
She says the central barrier to growth has been underinvestment.
Her policy is build on three pillars, she says: stability, reform and investment.
Burnhamsays good transport powers good growth.
He says Manchester has been a model for this.
(He set out this argument at lengthin a very interesting speech on thisearlier this year.)
Andy Burnham, mayor of Greater Manchester, is introducing Rachel Reeves.
He says he is pleased the government is backing Manchester Bee transport network with £2.5bn. He goes on:
Since it does not seem to be available yet on the Treasury’s website, here is the list of transport projects for English city regions that Rachel Reeves is announcing, as set out in a Treasury press release last night.
Good morning. A week todayRachel Reeves, the chancellor, will unveil the outcome of the spending review, which will set spending budgets – day-to-day (“resource”) and capital – covering most of the rest of this parliament. Many departments will get resource budgets that feel like cuts, but the Treasury has a more positive story to tell on capital spending and today Reeves is giving a speech announcing a £15bn spending spree on transport projects, mostly in the north of England.
Pippa CrerarandJessica Elgothave all the details in our splash story.
As Pippa and Jess report, the Home Office is one of three departments that has yet to settle its budget with the Treasury. According to a report in the Times, in a bid to help the Home Office,Sir Mark Rowley, the Metropolitan police commissioner,Gavin Stephens, the head of the National Police Chiefs’ Council, andGraeme Biggar, the head of the National Crime Agency, have written to the PM saying they are “deeply concerned” about what is in offer for the police. They say:
The Times has summarised this inits splash headlineas meaning the police chiefs are saying proposed cuts will mean “some crimes must be ignored”. That sounds grim, although the headline writer may have forgotten that many crimes are ignored already. In its election manifesto last year, Labour had a striking line about the police. “Labour has a straightforward vision for policing and criminal justice. When you call the police, they should come.”
Here is the agenda for the day.
9.20am:Rachel Reeves, the chancellor, gives a speech in Greater Manchester on infrastructure spending.
9.30am:Torsten Bell, the pensions minister, gives evidence to the Commons work and pensions committee about pensioner poverty.
Morning:Anas Sarwar, the ScottishLabourleader, is campaigning in Hamilton ahead of the Scottish parliamentary byelection tomorrow.
Noon:Keir Starmer facesKemi Badenochat PMQs.
12.30pm:Jeremy Corbyn, the former Labour leader, uses the 10-minute rule bill procedure to propose a bill calling for a public inquiry into “UK involvement in Israeli military operations in Gaza”.
4.40pm (UK time):John Healey, the defence secretary, holds a press conference with his German and Ukrainian counterparts after a meeting of Nato defence ministers in Brussels.
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