- HM Treasury
- TSO (The Stationery Office)
The Office for Budget Responsibility (OBR) judges that there will be a period of economic uncertainty as the UK negotiates its departure from the EU. The UK GDP grew 2.2% in 2015 and growth has remained solid in the first three quarters of 2016. Raising productivity is the central long-term economic challenge.
The 'Autumn Statement (Cm. 9362)' announces a new National Productivity Investment Fund (NPIF) which will target 4 areas:
Research and Development
It will provide £23 billion of spending between 2017-18 and 2021-22. It includes the biggest affordable housing programme since the 1970s, resurfacing 80% of the strategic road network, the largest investment in the railways since Victorian times, and prioritising science and innovation spending.
NPIF will take the total spend to £170 billion over the next 5 years and Public Sector Gross Investment is forecast to be at least 4% of GDP each year of this Parliament.
The Autumn Statement 2016 sets out some of the following, including:
a new Housing Infrastructure Fund of £2.3 billion by 2020-21;
an additional £1.1 billion by 2020-21 in new funding to relieve congestion and upgrades on local roads and public transport networks;
£390 million to support ultra-low emission vehicles;
£1 billion by 2020-21 targeted at supporting the market to roll-out full-fibre connections and future 5G;
an additional £4.7 billion will be provided for Research and Development funding;
£1.8 billion to Local Enterprise Partnerships (LEPs) across England;
income tax personal allowance will rise to £12,500 and the higher rate threshold to £50,000 by the end of Parliament; and
fuel duty will remain frozen for the seventh successive year.
The Government will publish draft legislation for
the soft drinks industry;
National Savings and Investment - to offer a new market leading 3-year savings bond; and
tax free child care - to be introduced gradually from early 2017.
|Format||Paperback||Published||23 Nov 2016|
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