At this month's Budget, the government will prioritise and boost funding for significant projects, according to Chancellor Rachel Reeves.

She also said that over a 25-year period, roughly £22 billion will be invested in two significant new carbon capture programs.

She declared that she would not make "those mistakes" again and condemned plans to reduce investment as a percentage of the GDP that she inherited from the previous administration.

However, the Conservatives claimed credit for the financial announcements made for the carbon capture projects.

Following weeks of speculation that the chancellor will alter her self-imposed borrowing guidelines to permit a great deal more funding for large-scale projects, Ms. Reeves has provided the clearest signal to far of a huge boost in state investment.

The two new carbon capture and storage projects on Teesside and Merseyside are the green schemes.

The government promised to attract private investment, generate thousands of jobs, and assist the UK in achieving its climate targets.

The chancellor claimed that because the previous administration did not place a high priority on capital investment—that is, money spent on things like buildings, machinery, and IT—contracts like this one were never signed.

The UK's capital budget is set to decrease from 2.5% of GDP to 1.6%, a move that she harshly confronted.

As per Ms. Reeves, the previous government was "reducing investment precisely when we should have been boosting investment in our economy."

Her remarks provide the strongest evidence yet of a change in strategy about big project expenditure at the Budget and Expenditure Review, which is related to efforts to draw sizable private investment to the forthcoming International Investment Summit.

(Sources: bbc.co.uk)