Prioritising spending in infrastructure and skills to promote growth
The economy has become unbalanced and too reliant on public spending and unsustainable debt. The Government is committed to promoting growth by tackling the deficit, rebalancing the economy and creating the right conditions to support a private sector-led recovery. In the medium term, sustainable growth must be based on expansion in the private sector, not the public sector.
Building on the foundation laid by the June Budget, the Spending Review announces the following action to support these goals:
- High-quality transport infrastructure – over £10 billion over the Spending Review to provide new road schemes and to maintain existing roads; fully funding Crossrail and supporting improvements to the London Underground network; and £14 billion for rail improvements including station upgrades in Birmingham, in towns around Manchester, in Yorkshire and to the Barry-to-Cardiff corridor.
- Investment in areas where public capital can generate returns – rolling out superfast broadband access across the country; a Regional Growth Fund of £1.4 billion to support investment in infrastructure to promote growth; and investing £1 billion with additional significant proceeds from the sale of government-owned assets to provide incentives for investment in the low-carbon economy through the Green Investment Bank; and
- Delivering outcomes which support growth, skills and research – including £250m extra funding compared to the previous Government for new adult apprenticeships; and maintaining the science budget in cash terms over the Spending Review.
Find out how the Spending Review supports the Government’s other priorities:
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