Locate in Kent, the inward investment agency for Kent and Medway, is calling on the Chancellor of the Exchequer Rachel Reeves to recognise the importance of the region when she delivers her first budget this Wednesday.
At 12.30pm, the Chancellor will end the post-election speculation and unveil tax and spending plans that will set the government’s direction of travel for the next parliament, including its commitment to restoring growth to the UK economy.
Kent and Medway, as a region, has outperformed the UK economy over the past year thanks to unique strengths, including its strategic location, close to London and at the gateway to Europe.
The publication of the 33rd Kent Property Market Report next week is expected to confirm a positive outlook for key sectors, including a strong performance for commercial development focused on industrial use and distribution.
However, the delay to planning approval for the Lower Thames Crossing and the lack of action regarding Eurostar’s continued refusal to consider the restoration of services to Ashford and Ebbsfleet International before 2026 has raised concerns that Kent’s unique contribution to UK plc is not being fully recognised.
Nick Fenton, CEO of Locate in Kent, said: “The government’s decision to defer its ruling on the Lower Thames Crossing planning application to May 2025 was based on the need to await the outcome of the spending review that will be revealed later today.
“With expected changes to debt rules to free up billions for infrastructure improvements, we look forward to a commitment to projects here in Kent and Medway, including progress towards road widening along the M2, incentives for improved domestic and international rail services and, above all else, funding of the Lower Thames Crossing itself.
“From life sciences to green technology, Kent and Medway is leading the way in areas vital to delivering future UK growth.
“The government needs to do all it can to fully unlock that potential through support for businesses and measures to attract investment, building on the innovation already taking place and delivering for the long-term in support of the UK economy.”