Chancellor unveils regulatory cuts and £10bn regional investments

The Chancellor (Rachel Reeves) announced a package of regulatory cuts and regional investment pledges at the inaugural Regional Investment Summit in Birmingham.

• Main announcement & immediate measures: The government will cut red tape to save nearly £6 billion per year by the end of Parliament and pledged regulatory reforms affecting over 100,000 firms (including simpler reporting for up to 44,000 medium-sized private companies and ~7,000 subsidiaries), removal of Directors’ Reports to Companies House, and digital planning checks (including photo evidence approved by trained AI models) to speed approvals. The Summit will gather 350+ business leaders and mayors and saw over £10 billion of private sector investment pledged, including £6.5 billion from Welltower for elderly care beds.
• Background, public investment and implementation details: The government has already identified £1.5 billion in savings toward the £5.6–5.6 billion administrative savings target (aiming to return nearly £6 billion/year by end of Parliament). The Crown Estate purchased Harwell East (potential for 400 homes, 30,000 jobs nationwide, 10,000 in Harwell, and an expected £2.5 billion economic boost). The National Wealth Fund will provide £104 million for onshore/offshore wind in Norfolk and Orkney and a heat network in Hull; its Regional Project Accelerator will support Clyde Metro, Trafford heat network, West Yorkshire Mass Transit, and Greenpower Park. Event details: inaugural Regional Investment Summit in Birmingham, attended by 350+ stakeholders across sectors; official sponsors include E.ON, HSBC, IBM, KPMG, and Lloyds.