Chancellor Rachel Reeves has introduced a £15.6 billion funding package aimed at enhancing transport infrastructure in the regions outside London. This initiative is part of a broader £113 billion capital investment program that spans transport, housing, and energy, designed to support job creation and regional growth. Reeves emphasized that the Treasury would modify its assessment criteria to prioritize productivity-enhancing projects outside the South East, marking a significant shift in public spending strategy. This announcement seeks to reassure MPs ahead of potential challenges in the forthcoming spending review.
A Britain that is better off cannot rely on a handful of places forging ahead. Growth must be shared—and built-in every part of our country.
The funding announcement is part of a broader £113 billion capital investment programme set to be rolled out over the parliament, covering transport, housing and energy.
Reeves pitched the investment as a 'step change' in how government assesses and delivers public spending, promising that the Treasury would rewrite its rules.
Ministers hope it will act as a political counterweight to cuts in departmental day-to-day spending, which the Institute for Fiscal Studies has warned could be 'unavoidably tough'.
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