Jeremy Hunt promised an “Autumn Statement of Growth.” Photo: Frank Ogstein/AP
Homeowners near new power poles and substations will get up to £1,000 off their annual bills under plans to be unveiled by Jeremy Hunt in an autumn statement.
The Chancellor will make the announcement as part of a push to reduce the time it takes to build energy infrastructure. as the UK moves towards net zero.
The news comes as the Chancellor puts the finishing touches on Wednesday's announcement, which is widely expected to include cuts to inheritance tax and investment cuts business tax.
Mr Hunt called it an “autumn growth statement”. “.
However, ahead of the financial event, Business Minister Kemi Badenoch said the Treasury was not the department that could lead economic growth.
In an interview with The Telegraph, Ms Badenoch said her own department would be wiser take responsibility for growth.
“One of the things I think businesses need is a department dedicated to economic growth,” she said.
“The Treasury is very much the Treasury, and it has an additional department that looks at measures to improve the situation. growth is key. This is what I have achieved through the merger of the business and trade departments.”
Business Minister Kemi Badenoch says the Treasury is not the department that will lead economic growth. Photo: Typhoon Salchi/Shutterstock
In July, The Telegraph reported plans to speed up the installation of hundreds of miles of overhead cables and poles to phase out fossil fuels and reconfigure the power grid to accommodate the surge in electric vehicles.
However, the government is concerned about a potential backlash from people campaigning against new developments in their areas.
To dampen local opposition, Mr Hunt will announce that those living near new electricity transmission infrastructure will receive up to £10,000 off their bills over 10 years .
The rebates are part of a package of reforms aimed at halving the time it takes to build new electricity networks from 14 to seven years.
A new “premium planning service” will provide advice on speeding up major planning applications.
Nationally significant low carbon energy infrastructure will be designated as a “critical national priority”, meaning there is a presumption in favor of approval, while the rollout of electric vehicle charging points will also be prioritized.
“Keep energy costs low .
A Treasury source said: “Expanding the grid will unlock global investment for Britain and bring improvements for people across the country, while energy security will reduce energy costs.”
“And by accelerating the planning system, including the introduction of electric vehicle charging points, we will address one of the most common concerns raised by businesses looking to invest in the UK.
“This autumn announcement will show that the UK Government is committed to long-term solutions to make the changes we need.”
The announcement comes as the nation's infrastructure king warns that the UK is under threat. due to failure to meet net zero targets by 2035, such as a ban on new petrol and diesel cars.
In an interview with The House magazine, Sir John Armitt, chairman of the National Infrastructure Commission, said he would be “surprised” if the 2035 targets were met.
He also said the government was moving too slowly towards the new nuclear energy.
“At the moment we have not made any progress on Sizewell C, the deal with EDF has not been concluded… so we do not believe that nuclear energy will really play a significant role in any new plants. except Hinckley until 2035,” he said.
“I would say I'm not sure the government is really serious about nuclear energy.”
Tackling the problem of late payments
The Telegraph Mr Hunt understands that the Autumn Statement will also include a number of measures aimed at addressing the problem of late payments to small businesses.
The Chancellor will announce his commitment to prevent companies from bidding on major government contracts if they fail to pay their suppliers within an average of 55 days from April 2024.
The intention is to reduce this up to 45 days in April 2025 and 30 days thereafter.
In 2022, SMEs owed an average of around £22,000 in arrears.
A Government source said: “The Government is hearing from many small businesses that late payments are a huge problem. Evidence tells us that 40 per cent of invoices are still not paid as agreed.
“That's why we are strengthening the UK's already world-leading fast payments regime to protect small businesses and ensure that
Labour, meanwhile, said its own economic plans would cut household spending by up to £3,000 a year over the next decade through action on energy, petrol and mortgages.
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Rachel Reeves, the shadow chancellor, said: “The economy is not working for working people. After 13 years of economic crisis, the situation for families is worsening: taxes are rising, mortgage payments are rising and prices in shops continue to rise.”
She added: “Under Keir Starmer's leadership, the Labor Party has changed and is now the party of economic responsibility. . A Labor government's priority will be to grow our economy so we can raise wages, lower bills and improve the welfare of working people in every part of the country.”
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