The Chancellor of the Exchequer delivered his Autumn Statement to Parliament today, 23 November 2016.
Philip Hammond said the government would prioritise \"additional high-value investment\" on infrastructure, which would be funded by additional borrowing.
A new £23bn \"national productivity investment fund\" would tackle the UK\'s \"shocking\" productivity gap with other countries, he said.
The government has also announced an extra £2bn a year for science by 2020, a crackdown on compensation claims for whiplash injuries aimed at reducing motorists\' insurance premiums and £1.3bn to improve roads.
Alison Henderson, CEO of Dundee & Angus Chamber of Commerce commented:
\"We welcome the announcement of the National Productivity Investment Fund which will see targeted investment into areas including research and development and economic infrastructure. With the uncertainty of Brexit and what that means for EU funding amongst other things, this new Fund could provide opportunities for our universities to deliver projects which will innovate and improve productivity in businesses, plus encourage the private sector to work closely with our universities and colleges.
Additional resources to support International Trade and private investment for firms seeking to scale up is another positive sign. It is vital to provide every encouragement for businesses to invest, however it is clear that continuing uncertainty over Brexit plans are having an impact and we look forward to learning more about the negotiations as soon as possible.
We must ensure that the private sector has the opportunity to work together with the public sector on projects, and the commitment to the Tay Cities Deal gives us the environment to make that happen. As public sector budgets remain challenging, it is important to give commercial opportunities to our local private sector. A strong private sector brings jobs, consumer spending and wider economic growth to our region – a long term city deal package which sees the public and private sector work together to deliver investment projects will help take our region a further step on that journey.
The importance of technological investment to support our businesses cannot be underestimated, and there is a large gap between perception and reality of how far broadband and mobile speeds have improved in Dundee & Angus. Large swathes of our rural areas remain with no ‘Gs’ never mind aspiring to 5G, and broadband speeds for many businesses, even in the heart of Dundee city centre are an impediment to business. Commitment to what has become a must have business utility must come from the highest level in order to bring pressure to those who are delivering these services.”
The full details can be accessed here:
https://www.gov.uk/government/publications/autumn-statement-2016-documents/autumn-statement-2016
Dundee & Angus Chamber of Commerce
As the leading business membership organisation in Dundee & Angus and part of the worldwide long-established Chamber of Commerce brand, we help local businesses to connect, communicate and develop for business benefit.
