Next CEO Calls for Radical Planning Overhaul
Lord Simon Wolfson, chief executive of retail giant Next, has called for a complete overhaul of the UK's planning system, describing it as the "biggest drag on British prosperity." Speaking at the Centre for Policy Studies conference in the City of London, Wolfson urged government ministers to adopt a "radical" approach to kickstarting economic growth.
Wolfson proposed abolishing the current planning system and replacing it with a market-based framework based on "principles," allowing markets to determine where housing, roads, power stations, and other infrastructure should be built. He argued that the current system is a "recipe for scarcity" that prevents necessary development.
The FTSE 100 chief also criticized Labour's policies on North Sea oil exploration and the Employment Rights Act, calling for similar reforms to energy restrictions and workers' rights. "I'm not claiming that people are perfect or that markets are infallible. Of course, they're not and the rules really matter," Wolfson said. "But with the proper framework, a free people can achieve so much more than can be imagined by governments."
Growing Pessimism Over UK Growth
Wolfson's speech comes amid growing pessimism over the UK's growth trajectory among the electorate, Labour ranks, and opposition groups. Labour MPs from the centre-ground and soft-left have called for sweeping tax reforms, including stamp duty changes, while opposition groups have criticized Chancellor Rachel Reeves' £60bn tax hikes on businesses and individuals.
The International Monetary Fund and the OECD have issued damning assessments of the government's growth plans, suggesting the UK will suffer more from the Iran war than any other G7 country. Reeves has staked her economic growth agenda on planning reforms, closer trade ties with the EU, and widespread AI adoption.
Wolfson predicted the government would "probably not" win the next election but urged opposition parties to draft legislation and build courage to implement reforms after any election. "It is my contention that when we can shake off its economic lethargy and return to the prosperity that this country can deliver and deserves," he concluded.
