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New Statesman
07-06-2025
- Business
- New Statesman
Rachel Reeves wants to level up your commute. Does she have the money?
'Biggest ever investment in city region local transport as Chancellor vows the 'Renewal of Britain',' trumpeted a government press release on 4 June. It was one of those headlines that feels like it should come with a '[citation needed]' tag. Have they accounted for inflation? When they say 'city region', are they gerrymandering to only count places officially designated by this relatively recent term? The total cash adds up to £15.6bn. There's a risk of apples and oranges here; yet it seems at least worth noting that London's Elizabeth Line cost £18.8bn. But let's hold the cynicism for the moment, because all this looks suspiciously like that rarest thing: good news from Rachel Reeves. The announcement more than doubles the real terms capital funding for nine city regions from 2027/28 to 2031/32: £2.4bn for the West Midlands, £2.5bn for Greater Manchester and so on. The list of 'projects likely to be taken forward by mayors' that accompanies it includes a dizzying number of potential schemes: an eastern extension of the Midlands Metro; new tram stops and a potential Stockport extension for Manchester's Metrolink; new rolling stock and station upgrades on the Sheffield Supertram; and so on. All this is cheering, even if you're not the sort of person who can while away a happy hour looking at public transport maps of cities you've never even visited, because there are reasons to think poor transport is one cause of Britain's economic malaise. Productivity, after all, tends to correlate with city size, and poor connectivity means that our cities are functionally a lot smaller than they look: the transport and economy writer Tom Forth has shown that traffic congestion means that Birmingham functionally shrinks by half in rush hour. It's not just that cities with good public transport are nicer, though they are: it's that, by linking employers with a larger pool of potential employees, they're often more prosperous. It's good news for political reasons, too. So much of what this government is doing – including, probably, the bulk of next week's spending review – feels unnervingly like presiding over decline. This isn't that. It has been pitched as a move towards rewriting the 'Green Book', the guidance the Treasury uses to value potential spending commitments – and which tends, because of London's prosperity and sheer size, to funnel money to the south-east. By allocating money to other regions, between them containing nearly 18 million people – over a third of England's population outside London – it's a baby step towards the levelling up the last government promised but failed to deliver. Not everyone is convinced: plenty warn this all has unnerving parallels with Rishi Sunak's proposals for 'Network North', which was neither a network nor really about the north. (The list of projects included stretched, hilariously, to Plymouth.) But I think that's too kind to Sunak and unfair on Reeves: there is a difference between a rapidly assembled list of unfunded projects press-released to counteract some bad headlines about the dismemberment of HS2 and an actual funding announcement by a sitting Chancellor. Will it be truly transformative? There appear to be a few shortcomings. For example, absent from the announcement is the long-awaited and repeatedly cancelled rebuild of Manchester Piccadilly station, which has long acted as a bottleneck for rail services across the north. Another absence is HS2 itself, which (sing along if you know the tune) would increase capacity on local services by getting fast trains out of the way. These would do wonders for multiple city regions – but they are excluded, presumably either because they are not 'city region' projects but strategic rail ones, or because they just cost too much. The last critique concerns the politics. It's great to see a government breaking with tradition and increasing, rather than slashing, capital funding – but the reason most chancellors tend to cut is because these projects take so long to show any benefits. The suggested timeline for the proposed West Yorkshire Mass Transit is both illustrative and absurd: 'spades in the ground' by 2028, the first services in the mid 2030s. Until then, it won't transform the economy, and may not help much at the next election – it could, in fact, do the opposite, by mobilising opponents who fear disruption to roads. It's good to see a chancellor invest. Let's hope she doesn't regret it. Subscribe to The New Statesman today from only £8.99 per month Subscribe [See more: Inside No 10's new dysfunction] Related
ITV News
04-06-2025
- Business
- ITV News
Rachel Reeves announces multi-billion pound transport boost for North West
Greater Manchester is set to receive a £2.5 billion boost to extend its tram network and build new stops in Manchester, Bury and Oldham, as part of a major transport investment announced by Chancellor Rachel Reeves. In a speech in Manchester, the Chancellor confirmed the funding is part of a wider £15.6 billion package for metro areas across the North and Midlands. The Liverpool City Region is set to receive £1.6 billion to invest in local bus, train, and tram networks. It includes money for new mass transit systems, tram upgrades, and metro extensions aimed at transforming public transport outside of London and the South East. The announcement also marks a major shift in how decisions about transport spending are made. Reeves is expected to scrap parts of the Treasury's 'Green Book' rules that have been criticised for favouring the South, in favour of a fairer approach that takes regional needs into account. Labour says the changes will help ensure every region 'gets a fair hearing' when it comes to funding decisions, with the North West set to benefit directly. The funding is part of the Government's upcoming spending review, which will outline how departments spend over the next four years. Wednesday's announcement is one of the first major commitments from the review. Transport Secretary Heidi Alexander called it a 'watershed moment' for regions like Greater Manchester, saying it will improve access to jobs and support economic growth. Some of the schemes receiving backing were originally proposed under the former government's 'Network North' plan, which was announced following the cancellation of the HS2 leg to Manchester. Labour has reviewed those plans, and this week's confirmation signals which will now move forward. Further details of the spending review are due on June 11.
ITV News
04-06-2025
- Business
- ITV News
Chancellor to rip up treasury protocol to bolster connectivity between key cities in the Midlands
Chancellor Rachel Reeves is expected to announce billions of pounds of investment in public transport - including £2.4 billion for the West Midlands to fund an extension of the region's metro. The money will be used to extend the network from Birmingham city centre to the new sports quarter in the east side of the city. The East Midlands will also receive £2 billion to design a new mass transit system between Derby and Nottingham. It is part of a £15.6-billion package for mayoral authorities. She argues that Britain 'cannot rely on a handful of places forging ahead of the rest of the country'. She is also expected to confirm that next week's spending review will include changes to rules in the Treasury's Green Book that determine whether projects receive funding. Green Book rules have been criticised in some quarters for favouring investment in London and the South East. Ms Reeves is expected to argue that changing the rules will ensure the Government 'gives every region a fair hearing when it comes to investments'. Elsewhere West Yorkshire will be given £2.1 billion to start building its Mass Transit by 2028. Greater Manchester will also receive £2.5 billion for projects including new tram stops in Bury, Manchester and Oldham and an extension of the tram network to Stockport. A £1.5 billion investment in South Yorkshire will include £530 million to renew the region's trams. In the south, the West of England will receive £800 million, including £200 million to develop mass transit links between Bristol, Bath, South Gloucestershire and north Somerset. Transport Secretary Heidi Alexander said the announcement 'marks a watershed moment on our journey to improving transport across the North and Midlands – opening up access to jobs, growing the economy and driving up quality of life'. Some projects being backed on Wednesday, such as the development of a mass transit network in West Yorkshire, formed part of Rishi Sunak's 'Network North' plan intended to compensate for the decision to scrap the HS2 line north of Birmingham. Wednesday's announcement is the first from the spending review due on June 11 that will set out the Government's day-to-day departmental budgets for the next three years and investment budgets for the next four. The review is expected to be a difficult one for the Government, with the Institute for Fiscal Studies saying the Chancellor faces 'unavoidably tough decisions' as the demands of NHS and defence spending raise the prospect of cuts in other departments. After coming to power in July, Labour launched a review of those projects, arguing they had not been fully funded. Wednesday's announcement is the first from the spending review due on June 11 that will set out the Government's day-to-day departmental budgets for the next three years and investment budgets for the next four. The review is expected to be a difficult one for the Government, with the Institute for Fiscal Studies saying the Chancellor faces 'unavoidably tough decisions' as the demands of NHS and defence spending raise the prospect of cuts in other departments.
South Wales Guardian
04-06-2025
- Business
- South Wales Guardian
Reeves to announce £15bn for transport outside London ahead of spending review
The £15.6 billion package for mayoral authorities is expected to include funding to extend the metros in Tyne and Wear, Greater Manchester and the West Midlands, along with a renewed tram network in South Yorkshire and a new mass transit systems in West Yorkshire. Announcing the investment in a speech in Manchester on Wednesday, the Chancellor will argue that Britain 'cannot rely on a handful of places forging ahead of the rest of the country' and champion a 'new economic model – driven by investment in all parts of the country'. She is also expected to confirm that next week's spending review will include changes to the rules in the Treasury's Green Book that determine whether projects receive funding. Green Book rules have been criticised in some quarters for favouring investment in London and the South East, with Labour MP Jeevun Sandher, a member of the Commons Treasury Committee, saying in April it had a 'hardwired London bias'. Ms Reeves is expected to argue that changing the rules will ensure the Government 'gives every region a fair hearing when it comes to investments'. But it will also mean more money for areas of the North and Midlands, including the so-called 'Red Wall', where Labour MPs face an electoral challenge from Reform UK. The investment announced on Wednesday includes £2.4 billion for the West Midlands to fund an extension of the region's metro from Birmingham city centre to the new sports quarter, and £2.1 billion to start building West Yorkshire Mass Transit by 2028. Greater Manchester will receive £2.5 billion for projects including new tram stops in Bury, Manchester and Oldham and an extension of the tram network to Stockport. A £1.5 billion investment in South Yorkshire will include £530 million to renew the region's trams, while the East Midlands will receive £2 billion to design a new mass transit system between Derby and Nottingham. In the south, the West of England will receive £800 million, including £200 million to develop mass transit links between Bristol, Bath, South Gloucestershire and north Somerset. Transport Secretary Heidi Alexander said the announcement 'marks a watershed moment on our journey to improving transport across the North and Midlands – opening up access to jobs, growing the economy and driving up quality of life'. Some projects being backed on Wednesday, such as the development of a mass transit network in West Yorkshire, formed part of Rishi Sunak's 'Network North' plan intended to compensate for the decision to scrap the HS2 line north of Birmingham. After coming to power last July, Labour launched a review of those projects, arguing they had not been fully funded. Wednesday's announcement is the first from the spending review due on June 11 that will set out the Government's day-to-day departmental budgets for the next three years and investment budgets for the next four. The review is expected to be a difficult one for the Government, with the Institute for Fiscal Studies saying the Chancellor faces 'unavoidably tough decisions' as the demands of NHS and defence spending raise the prospect of cuts in other departments.
Rhyl Journal
04-06-2025
- Business
- Rhyl Journal
Reeves to announce £15bn for transport outside London ahead of spending review
The £15.6 billion package for mayoral authorities is expected to include funding to extend the metros in Tyne and Wear, Greater Manchester and the West Midlands, along with a renewed tram network in South Yorkshire and a new mass transit systems in West Yorkshire. Announcing the investment in a speech in Manchester on Wednesday, the Chancellor will argue that Britain 'cannot rely on a handful of places forging ahead of the rest of the country' and champion a 'new economic model – driven by investment in all parts of the country'. She is also expected to confirm that next week's spending review will include changes to the rules in the Treasury's Green Book that determine whether projects receive funding. Green Book rules have been criticised in some quarters for favouring investment in London and the South East, with Labour MP Jeevun Sandher, a member of the Commons Treasury Committee, saying in April it had a 'hardwired London bias'. Ms Reeves is expected to argue that changing the rules will ensure the Government 'gives every region a fair hearing when it comes to investments'. But it will also mean more money for areas of the North and Midlands, including the so-called 'Red Wall', where Labour MPs face an electoral challenge from Reform UK. The investment announced on Wednesday includes £2.4 billion for the West Midlands to fund an extension of the region's metro from Birmingham city centre to the new sports quarter, and £2.1 billion to start building West Yorkshire Mass Transit by 2028. Greater Manchester will receive £2.5 billion for projects including new tram stops in Bury, Manchester and Oldham and an extension of the tram network to Stockport. A £1.5 billion investment in South Yorkshire will include £530 million to renew the region's trams, while the East Midlands will receive £2 billion to design a new mass transit system between Derby and Nottingham. In the south, the West of England will receive £800 million, including £200 million to develop mass transit links between Bristol, Bath, South Gloucestershire and north Somerset. Transport Secretary Heidi Alexander said the announcement 'marks a watershed moment on our journey to improving transport across the North and Midlands – opening up access to jobs, growing the economy and driving up quality of life'. Some projects being backed on Wednesday, such as the development of a mass transit network in West Yorkshire, formed part of Rishi Sunak's 'Network North' plan intended to compensate for the decision to scrap the HS2 line north of Birmingham. After coming to power last July, Labour launched a review of those projects, arguing they had not been fully funded. Wednesday's announcement is the first from the spending review due on June 11 that will set out the Government's day-to-day departmental budgets for the next three years and investment budgets for the next four. The review is expected to be a difficult one for the Government, with the Institute for Fiscal Studies saying the Chancellor faces 'unavoidably tough decisions' as the demands of NHS and defence spending raise the prospect of cuts in other departments.
