Faisal Islam
Economics editor

A key judgement at a time when net zero is going out of fashion on the other side of the Atlantic.

The chancellor says it's full speed ahead, as the National Wealth Fund puts money into a Cornish lithium and a vehicle charging network.

“There is no trade-off between economic growth and net zero. Quite the opposite. Net zero is the industrial opportunity of the 21st Century and Britain must lead the way,” she says, announcing more marine areas for offshore wind farms.

Image source, Getty Images

"There is no trade off between economic growth and net zero", the chancellor says, "quite the opposite".

Net zero, she adds, is the "industrial opportunity of the 21st century".

The government will release a "refreshed" carbon plan later this year with the publication of Carbon Budget 6.

Reeves adds the government is "removing barriers" to delivering 16 gigawatts of offshore wind by designating areas - such as East Anglia - to provide home-grown green power.

Faisal Islam
Economics editor

The chancellor drops a heavy hint that she is willing to push the “Brexit reset” further than anticipated.

The reset - a process to bring down some barriers and red tape created for exporters by Brexit - will encompass all policies “consistent with the manifesto that contributes to growth and prosperity”.

The context for this is the suggestion made in an interview with me by the EU Trade Commissioner that the UK could join a customs zone called the Pan Euro Mediterranean Convention.

That proposal has not been opposed even by high-profile Conservative Brexiteers Dan Hannan and Lord Frost.

The big decision here however is over the depth of a planned deal to lower barriers for food and farm exports.

The “veterinary deal”, which was a manifesto commitment, could see significant scrapping of post Brexit trade barriers, but only if the UK follows updated EU rules and standards in the sector. Does the government want to do that?

It is just one of a number of balancing acts that will test the chancellor’s assertion that growth comes first.

Reeves says she is determined to make Britain the "best place in the world to invest" and says that ambition demands action.

She adds that today she can announce two new national wealth fund investments: £65m for Connected Curb to extend their electrical charging network and second £28m equity investment in Cornish Metals, which provide the raw material for solar panels, wind turbines and electric vehicles.

Reeves turns now to the planning infrastructure bill, which she says will stop blockers from getting in the way of development.

It's a priority for the government, she says, and will be introduced in the spring.

"We will work tirelessly in Parliament to ensure its smooth, speedy and rapid delivery," she adds.

Reeves says the government will create the conditions to increase investment in the UK's economy, adding that she wants to see "the sounds and the sights of the future arriving".

"Britain should be the best place in the world to be an entrepreneur," she adds.

Reeves says the government has rapidly streamlined the process for increasing applications for infrastructure, adding that a reform to environmental regulation came into affect last week.

She says she has been "genuinely shocked" since becoming chancellor by how slow the planning process is.

She says the lack of reform can be summed up by £100m bat tunnel built for HS2.

She says developers will pay into a nature fund, and will not have to worry about the "the bats and the newts".

Image source, Getty Images

The chancellor continues to take the audience through some of the Labour government's recently-announced economic policies.

This includes a "fundamental" reform of the welfare system, as well as plans to "attract the best talent" to Britain with changes to the visa system.

Reeves continues on resetting the UK's relationship with the European Union, "our nearest and biggest" trading partner.

She says her government is being pragmatic about its relationship with the bloc while being "ambitious in our goal", unlike the previous government she says, whose policy was "not to engage with the EU" at all.

Reeves adds they will prioritise proposals that contribute to British growth and prosperity.

She says this philosophy also means building stronger trade relationships with countries across the world, giving China as an example.

Now, the chancellor discusses the government's approach to change - building on the UK's relationship with the US under President Donald Trump, adding that Prime Minister Keir Starmer discussed the importance of growth with him last weekend.

Reeves says she looks forward to working with the new Treasury secretary to deepen their economic relationship.

She adds that acting in the national interest also means resetting the UK's relationship with the EU to drive growth and support business.

Reeves goes on to talk about the three elements of the government's growth strategy.

She lists these elements as:

Stability - in politics, public finances, and economy

Reform - which she says makes it easier for businesses to trade, raise finance, and build

Investment - the life blood for economic growth

Image source, Getty Images

Reeves mentions her Mais lecture from last year where she set out her approach, external, and the fundamental barriers, to economic growth.

She says productivity, a "driver of living standards" has grown more slowly than competitors, such as in the US and Germany.

"The supply side of our economy has suffered due to chronic under-investment and stifling and unpredictable regulation, not helped by the shocks that we have faced in recent years.

"For too long, politicians have lacked the courage or the strength to confront these challenges.

"When presented with a choice, they have not prioritised growth. Instead, they have accepted the status quo and they have been the barrier, not the enablers of change."

Labour's election win, she says, shows the public voted for a "whole new approach" she is determined to deliver.

Henry Zeffman
Chief political correspondent

A few minutes into this speech and I’ve already lost count of the number of times Rachel Reeves has used the word “growth”.

A crucial economic concept but also one which to many people will be a bit nebulous compared to the economic facts of their day to day lives.

This was something the chancellor sought to acknowledge right at the start, saying that growth is not “just about lines on a graph” but also about “the pounds in people’s pockets”, the health of their local high streets and economic opportunity.

The test of this government’s success, she said, would be “when working people are better off” rather than simply the overall economic output of the country.

Reeves continues to explain some of the successes of the British economy, saying the country is full of small and local businesses, and also at the forefront of exciting new developments such as artificial intelligence.

She says the UK has the strength to compete in a global economy, but for too long the potential has been held back and the country "accepted decline".

"We no longer have to do that. We can do so much better. Low growth is not our destiny, but growth will not come without a fight, without a government willing to take the right decisions now to change our country's future for the better."

Chancellor Rachel Reeves begins her speech on economic growth, talking about what Labour will do to deliver it.

She says economic growth is the government's number one mission, and that it's needed in order to cut hospital waiting lists, put more police on the streets and meet climate targets.

"Growth isn't just about lines on a graph," she says.

"It's about the pounds in people's pockets."

She goes on to discuss the cost of living crisis and high inflation, which she says have "left a deep mark".

"We have begun to turn things around," she tells the crowd, adding that she's optimistic about the future.

We're about to hear from Chancellor Rachel Reeves, who is in Oxfordshire to deliver a speech on the government's plans to boost economic growth.

You can watch along by pressing the watch live button at the top of the page - stay with us as we provide live updates, analysis and reaction.

Henry Zeffman
Chief political correspondent

A Labour government gives the green light to a third runway at Heathrow. Ed Miliband, the energy secretary, and other cabinet ministers are reportedly uneasy about the environmental implications but bite their tongues publicly. Labour MPs in west London are furious.

Those sentences were as true in January 2009 as they are in January 2025.

In fact it was exactly 16 years ago yesterday that the House of Commons expressed its support for a third runway at Heathrow. That was then revoked by the Conservatives under David Cameron, although under Theresa May the Commons backed Heathrow expansion again.

Yes, it’s a big deal that Rachel Reeves is throwing her weight behind a third runway but don’t assume that means it will definitely happen. It’s just the start of a long process during which the political and economic winds might change.

The Oxford-Cambridge growth corridor, too, is something that successive governments have talked about for years.

The big test of Reeves’s speech today is what it means for growth.

But she will also be trying to convince business, parliament and the country at large that this time the government has enough political will that these projects are actually going to happen.

Michael Race
Business reporter

“Growth” is the buzz word being used by the government today, but what does it actually mean?

Economic growth typically refers to the size and health of a country’s economy. It is the total value of goods and services being produced.

If a country has a lot of goods or services in demand, then it can become wealthier by selling them and its economy can grow. That means businesses on average have more money to spend to employ more people or give pay rises to workers. Firms making more profits will also pay more in tax to the government, which can be spent on public services, such as schools, the police or the NHS. All this together, in theory, will leave people better off and improve living standards.

The government, by announcing its backing of infrastructure projects today, is attempting to kick start growth, which has been weak in the UK in recent years.

By signalling its support for railways, housing developments and other projects, the government is hoping businesses will invest, employ people to build things, sell services and fuel growth.

However, there can be winners and losers when it comes to growth due to many reasons – such as the industries and areas which are being invested in.

It also can take time for people to experience the benefits.

As we've been reporting, chancellor Rachel Reeves is set to deliver a major speech on economic growth shortly. Here's what she is expected to bring up:

• The chancellor will focus on plans aimed at "unleashing the potential of the Oxford-Cambridge growth corridor", creating a "Silicon Valley of Europe" - with hopes to add billions to the UK economy
• She will also announce an agreement with water companies "to unlock £7.9bn in investment" for the next five years, aimed at improving water infrastructure - including the building of nine new reservoirs
• Meanwhile the redevelopment of Old Trafford football stadium in Manchester will also get the government's backing
• It will also announce its plans to review the "Green Book", which is used to evaluate big investment projects, "in order to support decisions on public investment across the country", including outside London and the south-east
• The BBC understands that Reeves is expected to back Heathrow expansion plans, in a move to encourage a planning application for a third runway at the airport

Kevin Peachey
Cost of living correspondent

When you’re struggling to pay your energy bills, then it probably doesn’t feel like an extra runway at Heathrow or a tech hub in Oxford will help you directly.

But the argument goes that a more active and successful economy will bring more jobs, better pay and rising living standards. In other words, it should make the bills easier to pay.

Yet, that’s not easy to achieve - there’s been relatively little growth in the UK economy for years. Nor does it come that quickly - hence the urgency that the chancellor will try to stress today.

Whether these are the correct projects to bring that economic growth is a whole separate, complex debate.

Labour must make economic growth ideas work this timepublished at 09:36 Greenwich Mean Time 29 January

09:36 GMT 29 January

Chris Mason
Political editor, reporting from Oxfordshire

Labour were talking about economic growth for months before the general election and they have been talking about it for months afterwards as well.

The thing is, there hasn't been any, or next to none of it.

This is a problem, for the daily lives of millions of us, and the government's prospects and popularity, when, as the prime minister puts it in an article in The Times today, external, external, "growth is the defining mission of this government".

The economy is coughing, spluttering and wheezing – "the sickness of stagnation and decline" as Sir Keir Starmer puts it - and the government's critics - including, privately, some of its own senior ministers - reflect now that their doomy and gloomy language early on did not help, and perhaps made things worse.

So now they are trying to change the vibe. The talk will emphasise action, dynamism and optimism.

There is little doubting the government's ambition: the prime minister is comparing his vision to the deregulation of the City of London under Lady Thatcher and the revolutions of globalisation under New Labour.

The big questions are will it work, and what happens if it doesn't?

• Read more of Chris Mason's analysis on Labour's economic policy