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The Budget 2016: A breakdown of regional investment throughout the UK

4 Mins

London

  • Crossrail 2 £80m development funding
  • Near 100 per cent business rates retention with the Greater London Authority
  • Support for the expansion of the Royal College of Art’s Battersea Campus
  • Support for the British Library to develop its Central London site

South East of England

  • National Infrastructure Commission to make proposals on developing the Cambridge-Milton Keynes-Oxford corridor
  • £7m to improve rail station facilities at Redhill, Newbury and High Wycombe

South West of England

  • West of England Devolution agreement, including £900m gainshare pot, devolved transport budget and powers over adult skills
  • £19m from stamp duty receipts to community-led housing schemes in areas where the impact of holiday homes is most acute
  • £5m additional development funding to improve resilience on the Dawlish rail line
  • Increase in grant funding to £14.5m for ultrafast broadband
  • New Enterprise Zone for Cornwall
  • £3m to improve rail station facilities
  • £2m to refurbish the Hall for Cornwall in Truro

Read more about the Budget 2016:

Midlands

  • Over £250m Midlands Engine Investment Fund for smaller businesses
  • Midlands Connect put on a statutory footing as well as and development of itspriority roads schemes, including M1 upgrades, and improvements on the A45, A46,M42 and M5
  • Greater Lincolnshire Devolution Deal, including £450m gainshare pot, devolved transport budget and more joined-up adult skills and criminal justice 
  • New Enterprise Zones for Loughborough and Leicester, and for Brierley Hill, Dudley
  • £16m grants to aerospace industry including £7m for Rolls-Royce in Derby
  • £14m for STEAMhouse, a new innovation centre in Birmingham’s Creative Quarter,Digbeth

Northern Powerhouse

  • Over £150m investment in flood defence schemes in Leeds, Cumbria, Calder Valleyand York
  • £13m for Hull UK City of Culture 2017
  • Additional £130m to repair roads and bridges in Cumbria, West Yorkshire, Northumberland, Greater Manchester, Durham and North Yorkshire
  • £20m per year Northern Powerhouse Schools Strategy to improve schools
  • £15m for National Institute for Smart Data Innovation, Newcastle
  • £161m to accelerate transformation of the M62 into a smart motorway, reducing congestion
  • £75m to fast-track development of major new road schemes including on the M60,A66 and A69 and Trans-Pennine tunnel
  • £60m to green light HS3 between Leeds and Manchester and for other major city raillinks
  • £300m further investment in transport including:
  1.  Extension of Sheffield City Region Enterprise Zone, subject to agreement
  2. Working with Greater Manchester to devolve powers over criminal justice services
  3. New Life Chances Investment Fund

East of England

  • Devolution deal with East Anglia, including:
  1. £900m gainshare pot
  2. £175m ring-fenced-housing fund and devolved transport and adult skills budgets
  3. £151m towards building new river crossings at Lowestoft and Ipswich
  4. £50m for a new world-leading centre for food and health research at Norwich
  5. £5m to redevelop St Albans City rail station

Scotland

  • A £1bn package of measures to supportthe oil and gas industry in Scotland
  • £5m for the City of Dundee’s V&A development
  • Freezing duty on Scotch whisky
  • Opening negotiations on a city deal for Edinburgh and South East Scotland

Wales

  • £500m over 20 years for the Cardiff Capital Region City Deal
  • Halving tolls on the Severn River crossings in 2018, subject to consultation
  • Opening negotiations towards a Swansea Bay City Region deal
  • Opening the door to a growth deal for North Wales

Northern Ireland

  • Stormont House Agreement funding now delivering infrastructure investment
  • £4.5m for an air ambulance service in Northern Ireland
  • Pilot Enterprise Zone near Coleraine offering Enhanced Capital Allowance

The Budget 2016: A 500-word summary for entrepreneurs and SME business owners

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