Monday 27 April 2026 18:36
Britain’s planning rulebook should be scrapped and replaced with a market-based system, the boss of one of Britain’s biggest issuers has said, urging ministers to take a “radical” approach to boosting economic growth.
Speaking at a Center for Policy Studies conference in the heart of the city, Lord Simon Wolfson, chief executive of retail giant Next, told business leaders that the state planning system was “the biggest obstacle to UK prosperity”, adding that it was a “recipe for scarcity” by preventing the building of housing, roads, power stations and other infrastructure.
The FTSE 100 chairman proposed scrapping the entire planning system and rewriting the rules based on “principles”, letting the market decide where development should take place.
The Next boss also said the government should apply the same values to energy restrictions and workers’ rights as he targeted Labor’s policy on oil exploration in the North Sea and reforms introduced in the Employment Rights Act.
“I’m not claiming that humans are perfect or that markets are infallible. Of course, things aren’t perfect and regulation is essential,” Wolfson said.
“But with the right framework, a free society can achieve more than any government can imagine.”
Downgrade of UK economic growth ranking
Wolfson’s speech endorsed a dramatic shift in the government’s approach to the economy amid growing pessimism about the country’s growth trajectory among voters as well as among the Labor Party and opposition groups.
Labor MPs from the centrist and left-wing Labor parties united in calling for major tax reforms including stamp duty, while opposition groups rebelled against Chancellor Rachel Reeves’ proposed £60 billion tax rise on business and public incomes.
The world’s two leading economic institutions, the International Monetary Fund (IMF) and the OECD, have given the government a poor assessment of its growth plans, saying Britain would suffer more from an Iran war than any other G7 country.
Reeves is betting his economic growth agenda on reform planning, building closer trade ties with the EU, and widespread adoption of AI.
Wolfson said the government “probably won’t” win the next election, but urged opposition parties to draft legislation and build the courage to implement reforms after any election.
“I think that when we can shake off the economic downturn and return to prosperity, then this country can make it happen and deserves it,” he said.
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