Griffith Promises Major Deregulation and Tax Cuts in Tory Economic Overhaul

Conservative shadow chancellor Andrew Griffith is set to unveil a sweeping economic strategy centered on significant tax reductions and deregulation, aiming to revitalize the UK economy. Speaking at the party conference in Birmingham, Griffith described the proposal as “the most ambitious deregulation project in a generation,” pledging to cut red tape, lower building costs, and reduce food prices.

Central to the plan is full-throated support for expanding Heathrow Airport, including the controversial third runway. Griffith labeled the current lack of progress a “national embarrassment” and urged the government to act immediately on infrastructure projects ranging from new reservoirs to nuclear reactors. He also confirmed the party would maintain the pensions triple lock, despite past criticisms from some senior Conservatives regarding its long-term sustainability.

The policy package includes replacing Section 106 agreements and the Community Infrastructure Levy with a single developer levy, a move the Tories argue will streamline planning and cut the cost of new homes by up to £50,000. Additionally, the party proposes abolishing Natural England and the Environment Agency, transferring their functions to the Department for the Environment, Food and Rural Affairs (Defra).

Reaction from opponents was swift. Labour chairwoman Bridget Phillipson argued the Conservatives had 14 years to grow the economy and failed, while Liberal Democrat deputy leader Daisy Cooper dismissed the pledges as those of an “anti-growth, anti-business party.” Green Party MP Ellie Chowns criticized the removal of housing safeguards as a gift to developers, and union representatives warned that scrapping environmental regulators without restoring funding would hamper vital functions.

Meanwhile, Reform UK accused the Tories of mimicking their policies, noting they still fall short of Reform’s pledge to raise the tax-free personal allowance to £15,000. The announcements follow party leader Kemi Badenoch’s recent publication of a 100-page document outlining Conservative principles as the party seeks to rebuild trust after the 2024 election defeat.