Shadow chancellor to unveil Tory plans to cut taxes and regulations

Shadow chancellor Andrew Griffith is set to set out Conservative plans for the UK economy, with hopes of cutting taxes, red tape and house-building costs.

Griffith and other party figures will use the second day of the party conference in Birmingham to explain how they would aim to reduce food prices, back Heathrow Airport expansion, and abolish Natural England and the Environment Agency.

Another possible policy would replace agreements intended to force developers to pay for community projects and services in the areas where they want to build.

Griffith is expected to describe his approach as the "most ambitious deregulation project in a generation". Reform UK said the Tories were "copying our policies".

His speech follows the publication by Conservative Party leader Kemi Badenoch of a 100-page document, external setting out her guiding principles and how the party would act if it returned to government by winning the next general election.

After their historic defeat in the 2024 general election, the Conservatives have been trying to rebuild and persuade voters they can be trusted again.

The Tories have faced repeated criticism from opponents over their record in government, including on the economy, between 2010 and 2024.

Speaking to BBC Breakfast, Griffith said infrastructure was central to his plan, and backed expansion at Heathrow Airport.

"Someone, sooner or later, has to get serious about getting this country growing again," he said.

"It's a national embarrassment that we can't get that third runway built - we've said we will get full square behind that and the government should do that right now.

"Whether it's reservoirs or reactors we need a system of getting infrastructure in this country that really works."

When asked whether he would keep the pensions triple lock, which Prime Minister Andy Burnham has proposed changing, he said: "We are going to keep it."

In 2021, then-backbencher Griffith wrote an article saying the state pension triple lock was "unfair" because pensioners could "gain from the misfortune of others".

Senior Conservatives including former chancellor Jeremy Hunt and shadow foreign secretary Tom Tugendhat have separately said the current triple lock is unsustainable.

Griffith will accuse Burnham of wanting to pursue a "socialist fever dream of the 1970s", and say the Tories want to deliver "cheaper homes, lower taxes, and less red tape".

Labour Party chairwoman Bridget Phillipson said: "The Tories had 14 years in government to grow our economy and help people get on the housing ladder, but they completely failed at every turn."

Chancellor John Healey said last week that all promises the government made would be "built on the rock of fiscal discipline" and that the Budget on 28 October would "give families and businesses a bit of breathing space".

In a series of speeches on Monday, Conservative shadow ministers will continue making their case and giving more detail on their proposals.

This will include scrapping environmental and energy efficiency rules, including the future homes standard.

The Tories believe their changes could reduce the cost of building a new home by up to £50,000, which they expect could save buyers money.

A single levy for developers would replace section 106 agreements and the Community Infrastructure Levy, which fund community projects when building plans move forward.

The Conservatives say this new charge would cut delays and improve how the money is spent for the benefit of residents.

The party has criticised the roles of Natural England and the Environment Agency in house building and flood prevention respectively, and wants to abolish both. Their functions would be taken over by the Department for the Environment, Food and Rural Affairs (Defra).

Prospect general secretary Mike Clancy, whose union represents members in Natural England and the Environment Agency, said: "Conservative budget cuts have left these regulators struggling to perform their vital functions with 'lack of resources' the most common reason for planning delays.

"The solution is to restore their funding to adequate levels, not scrap vital safeguards."

The Extended Packaging Responsibility (EPR) scheme, which requires firms to pay the cost of collecting, recycling and disposing of the packaging they produce, would also be scrapped by the Conservatives.

The party says this would help remove a "burden" from businesses and could in turn lower the cost of the weekly shop.

On Heathrow, Griffith is expected to say the next Conservative government would do "whatever it takes to end the delays and boost capacity by backing the third runway".

Plans for expansion were scrapped by the Tory-led coalition government in 2010.

Former Chancellor Rachel Reeves backed the runway to boost the economy after Labour won power, although Burnham has refused to say whether he supports the project since becoming prime minister.

Burnham has described it as "principally... a matter for London and Londoners".

Liberal Democrat deputy leader Daisy Cooper said the Conservatives have "cemented their position as a pointless anti-growth, anti-business party" by rejecting closer ties with Europe.

She added: "No-one can take anything the Conservatives say on the economy seriously given their litany of fantasy-land financial pledges."

Reform UK economy spokesman Robert Jenrick accused the Conservatives of "once again copying our policies".

He added that the Tories were unable to match Reform's pledge to raise the tax-free personal allowance to £15,000.

Green Party MP Ellie Chowns said scrapping rules that "secure affordable homes and vital community infrastructure is not a plan for growth".

She added: "It is a gift to developers, leaving communities to pick up the bill for new housing while handing ordinary people higher costs and fewer protections."