Conservative Shadow Chancellor Unveils Ambitious Economic Agenda at Party Conference

Conservative shadow chancellor Andrew Griffith will set out his economic vision for the UK, focusing on measures to reduce taxes, streamline regulations, and lower housing costs.

Speaking on the second day of the party’s conference in Birmingham, Griffith and fellow Conservatives will detail plans to tackle rising food prices, support Heathrow Airport’s expansion, and abolish Natural England and the Environment Agency.

A key proposal under consideration involves replacing Section 106 agreements and the Community Infrastructure Levy—mechanisms requiring developers to fund local services and projects—with a single, unified levy.

Griffith has characterized his strategy as the “most ambitious deregulation initiative in a generation,” prompting criticism from Reform UK, which accused the Conservatives of copying their policies.

His remarks follow closely after party leader Kemi Badenoch released a comprehensive 100-page document outlining the Conservatives’ guiding principles and future direction ahead of the next general election.

In the wake of the Conservatives’ significant loss in the 2024 general election, the party continues efforts to regain voter confidence and demonstrate renewed credibility.

The Tories face ongoing scrutiny over their economic stewardship during their 14 years in government from 2010 to 2024.

In an interview with BBC Breakfast, Griffith emphasized infrastructure development as central to reviving economic growth, particularly endorsing Heathrow’s third runway expansion.

“Someone must ultimately take this seriously and get the country growing again,” he stated. “It’s a national embarrassment that we still can’t see this third runway completed—we fully support moving forward with it immediately.”

He continued: “Whether it’s reservoirs or nuclear reactors, we need a functional infrastructure system in this country that delivers results.”

When questioned about maintaining the pensions triple lock—a promise Prime Minister Andy Burnham has suggested revising—Griffith affirmed, “We are committed to keeping it.”

This stance contrasts with past comments made by Griffith in 2021, when he described the triple lock as “unfair,” arguing that pensioners were benefiting from others’ hardships.

Other senior Conservatives, including former chancellor Jeremy Hunt and shadow foreign secretary Tom Tugendhat, have expressed concerns over the long-term sustainability of the policy.

At the conference, Griffith is expected to criticize Burnham’s approach, warning against what he describes as a “socialist agenda reminiscent of the 1970s.” Instead, he says the Conservatives aim to deliver “more affordable housing, reduced taxation, and lighter regulatory burdens.”

Chancellor John Healey recently pledged that all government commitments would be grounded in “fiscal responsibility,” noting that the upcoming Budget on October 28 would offer “breathing room for families and businesses.”

Throughout the Conservative conference, shadow ministers will continue presenting detailed policy platforms aimed at redefining the party’s identity ahead of the next electoral cycle.

As part of broader reforms, the Conservatives propose eliminating certain environmental and energy efficiency standards, such as the Future Homes Standard, potentially reducing construction costs by up to £50,000 per unit.

Additionally, a streamlined developer charge would replace existing frameworks that currently finance community initiatives tied to new developments, which the party argues creates unnecessary delays.

The Conservatives claim these adjustments would expedite project approvals while ensuring better allocation of resources for local communities.

Criticizing the operational effectiveness of environmental bodies, the party seeks to dissolve both Natural England and the Environment Agency, transferring responsibilities to Defra.

They also intend to eliminate the Extended Producer Responsibility (EPR) scheme, which mandates that companies bear the cost of managing packaging waste—an obligation they argue burdens businesses unnecessarily and contributes to higher consumer prices.

On the topic of Heathrow, Griffith is slated to assert that a future Conservative government will take “whatever steps necessary” to resolve delays and advance the third runway expansion.

Originally halted by the Conservative-led coalition in 2010, the project gained renewed momentum under former chancellor Rachel Reeves following Labour’s return to power—though Burnham has yet to publicly endorse the initiative since assuming premiership.

Burnham recently referred to the expansion as “primarily a decision for London and its residents.”

Liberal Democrat deputy leader Daisy Cooper dismissed the Conservatives’ economic proposals, labeling them as part of a pattern that reinforces their image as “an anti-growth, anti-business party.”

She further remarked, “Given their track record of unrealistic fiscal promises, few can credibly engage with anything the Conservatives put forward on economic matters.”

Reform UK’s economy spokesperson Robert Jenrick echoed similar sentiments, accusing the Conservatives of rehashing Reform’s ideas rather than introducing original policies.

Jenrick went on to highlight differences between the parties, pointing out that the Conservatives have not committed to raising the tax-free personal allowance to £15,000 as Reform has proposed.

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