Rachel Reeves’ £15bn Regional Growth Strategy a key milestone

Chancellor Rachel Reeves’ announcement of a £15 billion regional growth strategy marks a significant shift in the UK’s approach to economic development, with profound implications for regional economies, the public sector and the private sector organisations behind the driving seat of UK transport.

The strategy includes substantial investments in transport infrastructure, such as tram expansions in Birmingham, Manchester, and Nottingham, aiming to enhance connectivity and stimulate economic activity outside London.

For public sector organisations, this strategy presents both opportunities and responsibilities.

The emphasis on regional development necessitates active collaboration between local authorities and central government to identify and implement projects that align with local needs.

Public sector bodies will play a crucial role in facilitating these developments, from planning and regulatory approvals to community engagement and service delivery.

Meanwhile, for the private sector organisations behind the driving seat of transport delivery services, the announcement represents a significant opportunity and we expect to see collaboration between the public and private sector around infrastructure requirements and delivery.

James Lacey, Head of Public Sector at Vail Williams, commented:

“Today’s announcement by Chancellor Rachel Reeves signals a transformative approach to regional development. The substantial investment in transport infrastructure and the shift towards empowering local authorities underscore the government’s commitment to addressing regional disparities.

This regional growth strategy represents a pivotal moment for the UK’s economic future, with the potential to foster more equitable and sustainable development across all regions.

James added: “The Government’s spending review also represents another key milestone together with a review of the ‘Green Book’ (treasury rules) relating to releasing funding post consultation.”

The green book is issued by HM Treasury on how to appraise policies, programmes and projects. It also provides guidance on the design and use of monitoring and evaluation before, during and after implementation the investment across the UK.

“We look forward to more detail on this within the Government growth and infrastructure strategies, as we continue to support our public sector clients in navigating this changing landscape, providing strategic advice and practical solutions to maximise the impact of these investments,” concluded James.

Vail Williams works with a range of public sector clients across the UK, including over 50 local authorities, and acts as an invaluable conduit between the public and private sector on the planning, viability and delivery of transport infrastructure and property needs for transport clients including National Express and FirstGroup.