The chancellor’s speech was nothing new – but it was optimistic | ITV News

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imageITV News Business and Economics Editor Joel Hills explains when people will start feeling the benefits of these projects This was a bold speech with exciting ideas but none of them were in Labour’s manifesto and none of them are particularly new.A third runway at Heathrow ? A “Silicon Valley” style science and technology corridor between Oxford and Cambridge? We’ve heard these songs before.Could these projects prove transformative?Yes.Most economists agree airport expansion could create jobs, trade and investment.And the evidence shows that economic clusters, like Silicon Valley, can prove magically productive.Subscribe free to our weekly newsletter for exclusive and original coverage from ITV News.Direct to your inbox every Friday morning.But will the government be able to get these projects built or will they end up being rugby tackled by political splits, local objections and legal challenges.Remember, Boris Johnson’s government dropped plans for a million new homes when he realised it was so unpopular with voters in, what were mostly, Tory constituencies.And how do you increase the number of aircraft in the sky without causing global warming and busting the government’s legally binding carbon budgets.Sustainable Avaition Fuel powers fewer than 1% of UK flights currently and it’s not clear it can be easily and affordably scaled.Better technology is certainly being developed but for now jet engines burn kerosene.Even if these projects do go ahead, they are years away from being realised.The chief executive of Heathrow admits it will be 2035 at the earliest before a flight takes off from a third runway.It’s hard to imagine anything the chancellor announced today will do much to leave voters feeling better off before the next election.This speech was also about tone.Seven months ago Labour sounded miserable about the economy it inherited.Today the chancellor was full of optimism about the economy’s potential.Yes, it’s vibing.But vibes matter.Want a quick and expert briefing on the biggest news stories? Listen to our latest podcasts to find out What You Need To Know….

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