Autumn Statement 2016 – a FHF Public Affairs analysis
One of the more intriguing aspects of the Autumn Statement last week was how the Chancellor sought to manage the politics of the situation he finds himself in, while at the same time deliver economic credibility through his infrastructure plans.
The announced spending plans gave a surprisingly Keynesian look to the Autumn Statement, with the creation of the new £23billion National Productivity Investment Fund. But the real question is; does the spending go any way towards addressing the political challenges laid bare during the Referendum campaign?
Our graphic highlights the geographical distribution of Hammond’s spending plans. FHF mapped the key announcements in the Autumn Statement against the regions which voted Leave or Remain. Whilst spending in London and the South East remains high due to a large allocation for the GLA housing budget, the Chancellor has boosted spending levels in the Midlands, East of England, North East and West. Mr Hammond has revived many of the regional infrastructure projects that were put on hold in the wake of the financial crash and consequentially jettisoned by the austerity programme pursued by George Osborne.
We will be monitoring for any shifts in spending coming out of additional announcements in both the Spring and Autumn Budgets next year.
Breakdown of spending commitments by region*
North-west
- £250m for M60 Quadrant Improvements in the North-West
- £72.5m for the Warrington Waterfront Western Link
- £250m for the Shrewsbury Relief Road
- £25m for A1079/A164 Jocks Lodge Junction
- £278m in LEP Funding
- £320m for Housing
North-east
- £75m for the Sheffield Mass Transit Scheme
- £7.6m for Wentworth Woodhouse
- £9m Cycling Road World Championships
- £15m for the Tees Valley East-West Connection
- £278m for LEP Funding
- £480m for Housing
Midlands
- £5m for a Midlands Rail Hub
- £110m for the Oxford-Cambridge Expressway
- £27m for an East to West Rail
- £392m for LEP Funding
- £676m for Housing
East of England
- £120m for the Suffolk Energy Gateway Road
- £300m for improvements to the A1
- £151m for LEP funding
- £500m for Housing
South-west
- £50m for Flood Defence in Devon
- £191m in LEP funding
- £380m for Housing
London and the South-east
- £492m for LEP Funding
- £3.1bn for Housing
Scotland – £800m in LEP Funding
Wales – £400m in LEP Funding
N. Ireland – £250m in LEP Funding
*(Estimations based on Autumn Statement and Town and Country Planning Association figures)
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