His Growth Plan unveiled on Friday morning includes 38 new Investment Zones across the country where relaxed planning rules and tax-breaks is expected to create regional construction booms.

More land will be released for development and planning restrictions like limits on height will be scrapped.

His plans to stimulate investment were accompanied by a raft of tax cuts for companies and individuals plus Stamp Duty reductions designed to boost the housing market and generate annual economic growth of 2.5%.

Negotiations with developers over affordable housing provision will also be simplified with individual deals replaced by a set percentage of affordable homes.

The Chancellor also set out a package of measures to accelerate the delivery of over 100 major infrastructure projects across the country.

The Growth Plan also sets out the infrastructure projects that the government will prioritise for acceleration, across transport, energy, and digital infrastructure.

Kwarteng said: “We are getting out of the way to get Britain building.”

In 2021 it took 65% longer to get consent for major infrastructure projects than in 2012 with the development, consultation and consent for a large road scheme still takeing an average of five to seven years.

The Chancellor vowed to reverse this trend speeding up projects including new roads and railways, by reducing the burden of environmental assessments in the consultation process and reforming habitats and species regulations.

He said: “The time it takes to get consent for nationally significant projects is getting slower, not quicker, while our international competitors forge ahead.

“We have to end this.

“To support growth right across the country, we need to go further, with targeted action in local areas.

“We will liberalise planning rules in specified agreed sites, releasing land and accelerating development.

“And we will cut taxes, with businesses in designated sites enjoying the benefit of generous tax reliefs”.