Revealed: Liz Truss’s unpublished growth agenda

In this week’s issue of The Spectator, Katy Balls reveals what Liz Truss would have done in her quest for growth had her mini-Budget not blown up. She would have gone on to launch an eight-point ‘autumn of action’. There were to be eight ‘follow-up moments’ revealing Truss and her Chancellor’s plans for supply-side reforms on: financial services, business deregulation, housing & planning, immigration, mobile & broadband, food & farming, childcare and energy.

Kwarteng and Truss were out of office before they had time to announce them. Now, The Spectator has obtained the plans and can exclusively publish the draft document in full:

OFFICIAL SENSITIVE

GROWTH PLAN: FINANCIAL SERVICES ANNOUNCEMENT 1-PAGER

OBJECTIVE: Facilitating dynamic markets and allow the private sector to generate long-term prosperity.

NARRATIVE

Financial services as a sector is a major contributor to the UK’s economy – its success will drive growth across the whole UK.
Having taken back control of financial services regulation now that we have left the EU, we are implementing an ambitious and radical programme of reform to make it work better for the UK.
We are actively seeking out opportunities to tailor the regulation of our financial services sector to better suit our markets, improve competitiveness and deliver better consumer outcomes.

POLICY PACKAGE

Policy	Legislation	Timing
The most ambitious programme of repealing and replacing EU financial services regulations, streamlining the UK’s listings regime, replacing the REUL in relation to securitisations, and enhancing the UK’s payments regime. A series of SIs will capture these changes, with a policy statement will be published to trial the programme of reform for MiFID II and AIFMD in the financial services & Markets Bill	Financial Services and Markets Bill	Over Autumn, for Royal Assent by April 2023
Scrapping rules for Solvency II, which include: cutting a capital buffer known as the risk margin; widening eligibility of the “matching adjustment” so more favourable treatment for productive assets, driving investment in these, and slashing reporting requirements.	Financial Services and Markets Bill	Mid-October Response; Autumn Legislation
Intervention powerAn intervention power for ministers to direct a financial services regulator to make, amend, or revoke rules where there are matters of significant public interest; with the precise shape and nature of this power to be published.	Primary – amendment to FSM BIll on 7 Sept	Over Autumn, for Royal Assent by April 2023
Reforming the Fingfencing Regime for BanksPublishing HMG’s response to the independent review of ringfencing, which will alleviate post-crisis requirements to separate capital for retail and investment banks		Over Autumn, for Royal Assent by April 2023
Publish new “Remit Letters” for the PRA and FCA, to reshape and refocus their priorities with a tilt towards deregulation, competition, growth and productivity.	NA	Mid-October
Corporate re-domiciliation – Amend company law to enable transfer of a company’s place of incorporation into the UK and add a further pathway to those available through registration at Companies House.	Secondary	2025/ Low

DELIVERY & IMPLEMENTATION

Throughout 2023 [precise timelines subject to HMT confirmation]: Majority delivered through Financial Services & Markets Bill, with implementation to follow through Treasury, PRA and FCA over 2023.

GROWTH PLAN: BUSINESS REGULATION ANNOUNCEMENT 1-PAGER

OBJECTIVE: Support enterprise by cutting red tape, freeing business to grow and invest.

NARRATIVE

Pro-competition regulation and reduced regulatory burdens can boost growth by reducing business costs and allowing high-potential businesses to grow and expand.
We will reduce the barriers caused by unnecessary regulation, allowing business to flourish.

POLICY PACKAGE

Policy	Legislation	Timing
Reverse planned restrictions on High Fat, Salt and Sugar (HFSS) food products: Restricting location promotions for HFSS foods, calorie labelling: Price-VOlume promotions’ restrictions in advertising HFSS goods online and on TV	Secondary (3 measures) primary (revoke advertising powers)	From October 2022
Making temporary COVID easements permanent: Off-license alcohol sales; temporary structures; event notices	Mix of primary and secondary	Off-sales: extend to Sept 23, whilst consult on permanent. TENS: consult to extend beyond end Dec 23 date
Review public bodies to drive efficiency: Toughen the ALB closure/merger commission by challenging departments to justify ALBs not put forward; personally oversee highest profile public body reviews; add an economic growth lens to public body reviews	Primary	TBC – dependent on legislation
Unilateral recognition of Product Safety Regulations: Recognise trusted jurisdictions to avoid duplication of product safety checks and improve consumer choice	Secondary	March 2023
Expedite the Digital markets, Competition and Consumer Bill: Improve UK competition law; improve competition in digital markets	DMCC Bill	Mid-2023
Review of Non-Financial Corporate Reporting: Review all non-financial corporate reporting requirements and company size thresholds that apply to financial reporting	Growth Bill	Early 2023
Unlock academic research for developing commercial technologies: Reform spinoff rules to ensure university research can be commercialised into tech innovations by spinoffs	Legislation may be required	2024
Deregulate chemicals (REACH) regulation: Slim down UK RECH registration requirements as well as No Fault dismissals. Predicted £1bn saving.	Secondary	Extension of deadline SI in early 2023, alternative model SI in 2024
Deregulation options for Employment Law: Amend Working Time and Agency Worker regulations as well as No Fault dismissals. Predicted £1bn saving.	Secondary	Spring 2023
Minimum service levels: INcrease the minimum level of service for key sectors during strike action	Employment Bill	Late 2023
Late payments for SMEs: Abolish payment reporting duties and abolish SMall Business Commissioner. Tighten standards for payment by government.	None	2024
Deregulations of the Package Travel Regulation: Consult on options to exclude low-cost or domestic package holidays from consumer protection regs ( est to cost the sector 0.8% turnover)	Growth Bill	End-2023

Delivery & Implementation

Through 2023-4 [precise timeline subject to BEIS/OGD confirmation]: Delivering measures through primary and/or secondary legislation.

GROWTH PLAN: HOUSING & PLANNING ANNOUNCEMENT 1-PAGER

OBJECTIVE: Build new homes, by removing planning barriers, improving incentives for developers and ensuring the housing market is operating effectively for consumers.

NARRATIVE

We will build homes to support growth, levelling up and a property-owning democracy.
We will do this by removing bureaucracy, reducing costs to housebuilders to help offset the effects of rapid inflation, reviewing regulatory burdens, removing blockers in the planning system, empowering local leaders and supporting the recruitment and retention of skilled staff.

POLICY PACKAGE

Policy	Legislation	Timing
Simplify planning rules
Introduce a presumption in favour of permission for small sites	No legislation – changes to National Policy Planning Framework (NPPF)	Within 6 months; needs consultation
Extend commercial to residential permitted development right (PDR)	Negative regulations	6/8 months; consultation
Extend agricultural to residential PDR	Negative regulations	6/8 months; consultation
Extend household extension PDR	Negative regulations	6/8 months; consultation
Reducing costs on developing
Cap or flex affordable housing requirements	None – NPPF changes	Within 6 months; consultation
Delay new burdens on development	None – NPPF changes	Defra legal to confirm
Fix delays caused by nutrient pollution	Primary (delivery via LURB)	Existing proposal ready for LURB
Review options for wider deregulation of building regulations, excl. safety regulations	TBC	12-18 months subj. To scope
Speed up planning decisions
Increase planning fees for developers and householders	Affirmative regulations	Within 9 months; consultation
More robust intervention if local planning authorities’ development services underperform	NA	Min 18 months, consultation
Speed up planning decisions
Reform to Local Housing Need (LHN)	No legislation; changes to NPPF	Depends on approach to plans already ins system – c18 months
More intervention in local plans	NA	Announcement can be done quickly
Bigger, bolder New Homes Bonus	NA	Announcement quickly
Promote a healthy and effective housing market
Re-announce Land Transparency measures	Primary (via LURB)	Broad intent announced; legislation mid-passage
Govt support for housebuilding market study	NA for the review itself	Announce study in Sept
Joint DLUHC/HMT review of mortgage market	NA	Announce in Sept
Conveyancing review	NA	Announce in Sept
Use Affordable Housing Guarantee Scheme 2020	NA	6-18 months depending on nature of guarantee extension

DELIVERY & IMPLEMENTATION

Jan 2023: Planning consultation published and responses analysed; NPPF changes announced.
End 2022-2024: Operational planning measures implemented (LPA intervention letters issued).
Spring 2023: Regulations laid (nutrients measured determined by LURB timing).

Spring 2023: Housing market measures implemented (timelines will vary by measure) – reviews begin to report from Spring 2023.

GROWTH PLAN: IMMIGRATION ANNOUNCEMENT 1-PAGER

OBJECTIVE: Rebalancing the points-based system to support growth and resident UK workers

NARRATIVE

We have committed to delivering a new points-based system to attract the brightest and best whilst bringing down overall immigration numbers.
We must also rebalance the labour market, using migration in a targeted way and supporting the 1m unemployed and 9m economically inactive back into the workplace.

POLICY PACKAGE

Policy	Legislation	Timing
Target high skilled individuals
Target the route to: include individuals at the top 50 global universities; limit to masters level; restrict to specific courses which map to skills in specific sectors (e.g. nanotechnology and AI).	Secondary	April 2023
Extend short term business activities which can be undertaken on a visit visa as part of Free Trade Agreements (FTAs)	Secondary	Linked to FTA timetables
HMG support package for sectors deemed to support growth, including DfE skills training offer, DWP provision of direct links to job centres, HO provision of practical support navigating routes.	Secondary	Immediately once list defined and businesses identified
Continued engagement with telecoms sector on overseas broadband workers	Secondary	Immediately once list defined and businesses identified
Commercial incentives for domestic re-training	Secondary	Immediately once list defined and businesses identified
Support the economy
Extend Youth Mobility Schemes	Secondary	Linked to FTAS
Increase the quota for the seasonal workers scheme alongside a package to incentivise productivity improvements (e.g. targeted R&D tax credits) and domestic labour supply increases	Secondary	Announce in 2022 for 2023
Delivering a fully end-to-end digital customer experience for legal migration and border control, e.g. introducing Electronic Travel Authorisations and transforming the sponsorship system	Secondary	ETA roll out in 2023; full reforms by 2025
Removing students and temporary workers from the net migration statistics	NA	Dependent on ONS publication
Tighten up points-based immigration system and reduce lower skilled migration
Reform the skilled worker route to refocus on high skilled and the sectors that support growth, e.g. reforming SOL, revising the skills threshold, or increasing salary thresholds.	Secondary	Not before April 2023
Reform the student and graduate routes by removing or restricting eligibility	Secondary	Not before April 2023
Remove or restrict rights to bring dependants (e.g. via a cap or increasing maintenance requirements:	Secondary	Not before April 2023
Increase visa fees and employer charges (Immigration Skills Charge)	Secondary	Not before April 2023
Reduce pressure on NHS by exploring options for mandatory health insurance for all students, and work visa holders (including temporary workers) – removing access to NHS.	Secondary	Delivery and funding details to be worked through
Reforms to the role of Migration Advisory Committee	NA	TBC

DELIVERY & IMPLEMENTATION

April 2023: Reforms to points-based immigration system, including high-skilled route.

GROWTH PLAN: MOBILE & BROADBAND ANNOUNCEMENT 1-PAGER

OBJECTIVE: Accelerate great digital connectivity across the UK: by removing barriers to 5G and gigabit broadband rollout; boosting 5G adoption; and providing improved broadband to rural businesses, including satellite connections.

NARRATIVE

We will accelerate getting gigabit broadband to the whole country by getting rid of barriers to rollout – we have made great progress so far, but we now need to reach the rest, accelerating satellite and fixed wireless connectivity to support businesses in the most remote areas.
The vast majority of the broadband rollout is being done by the private sector, enabled by our pro-growth regulatory framework and saving the taxpayer money.
We will also drive 5G rollout which will be critical for future growth – we need to act to stimulate investment and adoption at scale.

POLICY PACKAGE

Policy	Legislation	Timing
Access to poles: make it easier for operators to share and upgrade poles on private land to speed up broadband rollout	Primary – amendment in Product Security & Telecoms Infra. Bill (currently in Lords)	Early 2023: Royal Assent by end 2022, and implementation of this provision 2 months later.
Street works: introduce flexi-permits for utility companies, reducing admin delays	Secondary	End 2023/Start 2024: Flexi permits in use (subject to DfT agreement)
Telecoms worker visa: adding skilled telecoms engineers to shortage occupation list and exempting them and civil contracts from various administrative hurdles such as English language tests	NA	March-June 2023: Adding professions to the Shortage Occupation List and exempting from the skills charge could be achieved quickly, but creating a new visa would take at least 3 months.
5G adoption: £80m investment to accelerate the adoption of 5G technologies to help to UK become a leader in using 5G to support growth and productivity. Note: this funding still requires approval by HMT.	NA	Q4 2023/24: Funding would run from April 2023 until April 2025. Innovation Zones established, and other funding disbursed, in Q2 2023/24 and increased adoption of 5G and associated growth opportunities in key sectors by Q4.
Improved broadband for remote and rural businesses, including satellite broadband: £30m funding to test, pilot and rapidly launch a set of innovative solutions to address very hardest to reach locations of the UK with a focus on rural enterprises. Note: this funding still requires approval by HMT.	NA	Apr-Sept 2023: Alpha testing satellites during Q3-Q4 22/23, public launch late FY22/23. Wireless pilots running in parallel 22/23 and 23/24.
Mobile planning reform: relaxing existing planning regulations to address the barriers to extending mobile coverage across the country.	Still being scoped	Depends on mobile operator feedback
Train connectivity: ramping up ambition on mobile connections available to train customers	Still being scoped	Will depend on level of ambition

DELIVERY & IMPLEMENTATION

Early 2023: Implementation of Product Security & Telecommunications Infrastructure Bill.
Spring 2023: Adding professions to Shortage Occupation List, exempting from skills charge; design and implementation of new telecoms worker visa.
By Sept 2023: Public launch of new satellites – remote/rural satellite broadband connected.

GROWTH PLAN: FOOD & FARMING ANNOUNCEMENT 1-PAGER

OBJECTIVE: Back British farmers and food producers by freeing them from red tape to ensure a high-quality resilient and affordable supply of British food.

NARRATIVE

Farmers play a crucial role in our rural economy and communities, and as stewards of our countryside. For too long we have had excessive rules getting in the way of farmers’ ability to grow their businesses and produce the food we need. It’s time to free our farmers.
Through our farming reforms, we’re creating the conditions for much more rapid and sustainable growth in the sector, increasing resilience, productivity, innovation and food production. As well as reducing unnecessary rules, we’re providing match funding for investment in modern, innovative technology and infrastructure across the sector.
Deregulation and smarter regulation can aid economic growth by reducing burdens on businesses and opening up new avenues of income. However, where deregulation is difficult, we will be looking to reform and streamline regulatory requirements.

POLICY PACKAGE

Policy	Legislation	Timing
Reduce the rate of subsidy payment reductions: Reducing the rate of reductions in 2023 and 2024, giving farmers extra cashflow in the current economy. Slowing the rate of reductions from 15% to 7.5%, for example, would give the average farmer an additional £7000 over the two years but maintain impetus for productivity improvements. Note this requires HMT funding approval.	Secondary legislation	2023
“Delink” payments for legacy farm support schemes: Freeing farmers from administrative burdens a year earlier than planned, ending the CAP ‘cross compliance’ regime, and providing a guaranteed income stream for farmers for 4 years from 2023. Note this requires HMT approval.	Secondary	Would begin from 2023
Scrap the Local Natury Recovery (LNR) scheme (yet to be described in detail or rolled out), and instead improve the Countryside Stewardship (CS): This will build on CS’s good reputation with farmers, meaning farmers that want to produce public goods as part of a profitable farm business can still be paid, but removing the uncertainty and concern surrounding the LNR scheme.	NA	Immediate
Reform fertiliser product regulations to simplify the current regime and encourage new sustainable fertilisers from waste materials.	Secondary	Consult late 2022–early 2023
Streamline wine regulations to encourage growth of the sector.	Secondary	Late 2023
Reform outdated EU organics regulations to encourage growth of the sector.	Secondary	2023
Simplify and consolidate water quality regulations, removing prescriptive, ineffective areas from the Nitrate Regulations	Primary (via REUL Bill)	Consult in 2023
Update and simply Environmental Impact Assessment (EIA) in Agriculture: make regulations clearer and more modern, reducing overall regulatory burden on farmers and land managers	Secondary (in LURB Bill)	Consult in 2023, Enact in 2024
Simplify system around livestock traceability, reducing the inspection burden on good farmers by moving to risk-based targeting and digital systems.	Secondary	Enact in 2024, post consultation

DELIVERY & IMPLEMENTATION

Early 2023: Secondary legislation to reduce rate of subsidy payment reductions in 2023-24.
Over 2023: Consult on water quality regulations and Environmental Impact Assessments (EIA).
2024: Enact simplification of EIA and livestock traceability.

GROWTH PLAN: CHILDCARE ANNOUNCEMENT 1-PAGER

OBJECTIVE: Fix the childcare system by increasing labour market participation of parents; enabling parents to have as many children as they want; and improving literacy and numeracy standards in early years and beyond.

NARRATIVE

We will stimulate the market to drive choice and quality, keeping costs low for parents.
We will maintain high standards on safety and safeguarding, while trusting childcare professionals to make the right calls on staffing to meet the needs of working parents.

POLICY PACKAGE

Policy	Legislation	Timing
Increase childcare subsidy to reduce cost to parents of young children and incentivise them to work. Create more flexible elements of offer to increase parent choice
30-50 hours free childcare 48 weeks a year at point of use for parents	Primary plus secondary	Phased roll out to begin from Sep 23
Financial support to all parents rationalised as tax break or via benefits system	Primary plus secondary	HMT to confirm
Single childcare account for parents providing up to 60% of average childcare costs	Primary plus secondary	Significant IT build – poss. C-12-18 months+
Increase availability of wraparound care for school age children
Offer grants to schools who don’t currently offer any/enough before/after school care and activities	NA	From Sept 2023
Offer free before and after school care / activities for children aged 4-11 of working parents, 8am-6pm	Primary (unless voluntary)	Scale up from Sept 2023
Expand Holiday Activities & Food programme to cover 10 weeks p/a.	NA	From Feb 2023
Expand Holiday Activities & Food programme – widen eligibility to all primary children	NA	From Feb 2023
Deregulate to promote innovation, giving greater freedom to providers **(option 1); stimulate childminder numbers via financial incentives and growth of CMAs (2-4); incentivise more schools to offer early years provision (5)**
Remove ratio requirements for group-based providers, and for wraparound provision for children aged 5–8	Secondary (could amend primary to remove the need to consult)	With consultation: 3-6 months. Once SI~ passed could amend immediately.
Reduce childminder regulation	Primary and secondary	Secondary – 6 months; primary – immediate once bill passed
Increase childminder provision through start-up grants	NA	Scheme makes first payments Feb 23
Stimulate growth of childminder agencies (CMAs)	Primary	Consult in Nov 22 ahead of legislative change
Incentivise MATs to grow early years provision – via seed / capital funding	Lawyers to consider	New provision in place Sep 23 after fund designed

DELIVERY & IMPLEMENTATION

November: Launch of 10-week public consultation.
End of June/early July: Regulations signed and laid.
Changes go live: July/September (in term time)

GROWTH PLAN:ENERGY ANNOUNCEMENT 1-PAGER

OBJECTIVE: Government will make significant interventions in the energy market to help reduce costs and improve resilience, over the longer term.

NARRATIVE

We will double down on our energy supply commitments across international LNG deals, accelerating extraction across the UK Continental Shelf (UKCS) and UK shale, adding further security through increased interconnection with France and ramps-up Great British Nuclear to bolster the UK’s energy independence.

POLICY PACKAGE

Policy	Legislation	Timing
International gas deals: Long-term supply deals with Norway and/or state-backed and private LNG producers across US, Qatar, UAE, Oman.	NA	October/November
Deals with electricity generators: Deal with EDF on existing nuclear fleet and with renewable generators on the Renewable Obligation (RO) scheme. BEIS on track to deliver agreement on renewables through the emergency energy prices Bill. The EDF deal is not currently on track.	Yes	October/November
UKCS licensing acceleration: Could include how Government-side regulatory processes could be cut to accelerate delivery of UKCS field licensing. Other than increased funding for regulators, measures require legislation, e.g. removing public consultation for environmental licenses.	Yes	Depends on legislative vehicle (3 or 4th session)
UK Shale: BEIS is working with developers to assess the development-readiness of sites that were mothballed or abandoned when the moratorium was put in place, to help identify how development can be restarted and projects progressed. Legislative options could include making shale gas extraction a permitted development in certain areas or including in the NSIP regime.	Yes	Depends on legislative vehicle (3 or 4th session)
Nuclear GBN: Announcement that Great British Nuclear (GBN) will be set up as an arms-length body to drive delivery of UK national nuclear programme. Could include announcing the appointment of the executive chair, launching the process for appointing CEO, the location of the body, and launching rapid sector engagement to select SMR designs for domestic deployment.	Yes but can operate temporarily without	March 2023 full launch
Networks: Two interconnectors between GB and France (GridLink and FABLink) totalling 2.8GW in capacity currently have regulatory approval in GB but have been blocked by the French due to ‘Brexit Uncertainties’. There could be opportunities here to seek a way through.	TBC	TBC
Carbon Capture Utilisation & Storage (CCUS): Confirm Track 1 (mid 20s first wave) and launch of the Track 2 (second wave). Requires 3rd session legislation and confirmation by BEIS of funding envelope (note HMT isn’t blocking anything).	Requires third session legislation	Royal assent by 2023
Planning: Strengthening NPS to include overriding need for certain energy techs (this has already been done for offshore wind). Announce specific reforms to NSIP regime for energy (would require DHLUC and DEFRA approval).	NPS doesn’t; NSIP does.	TBC