UK Conservatives Propose Tax Cuts, Deregulation in Bid to Regain Trust

Conservative shadow chancellor Andrew Griffith is set to detail his party's economic agenda, focusing on tax cuts, deregulation, and measures aimed at reducing the cost of house building. The proposals, to be presented at the Conservative Party conference in Birmingham, also include plans to lower food costs, support Heathrow Airport expansion, and abolish existing agencies like Natural England and the Environment Agency.

Griffith plans to frame his economic approach as "the most ambitious deregulation project in a generation." These announcements come as the Conservative Party seeks to rebuild public trust following their defeat in the 2024 general election and address criticism of their previous government's economic record.

"No-one else is coming to save our economy," Griffith is expected to state. "Only we can inject reality, tell the hard truths and make this a country we are proud to hand on to the next generation." He plans to accuse Prime Minister Andy Burnham of pursuing outdated economic policies and reiterate the Conservative goal of delivering "cheaper homes, lower taxes, and less red tape."

The proposed policies include significant changes to housing development regulations. The party aims to replace current agreements that require developers to fund community projects with a single levy. The Conservatives estimate these changes could reduce the cost of building a new home by up to £50,000, potentially lowering prices for buyers. They also propose to abolish Natural England and the Environment Agency, transferring their functions to the Department for the Environment, Food and Rural Affairs (Defra), arguing that these bodies hinder house building and flood prevention efforts.

Further deregulation plans involve scrapping the Extended Packaging Responsibility (EPR) scheme, which shifts the cost of packaging disposal onto businesses. The Conservatives believe this would alleviate burdens on companies and, consequently, lower grocery prices for consumers.

On infrastructure, Griffith is expected to signal support for the Heathrow Airport's third runway expansion, a project previously halted. This move contrasts with the current Prime Minister's stance, who has been non-committal on the project.

Opposition parties have been critical of the Conservative proposals. Reform UK has claimed the Conservatives are adopting their policies, while the Liberal Democrats have labeled the Conservatives an "anti-growth anti-business party."