Autumn Statement 2016 – spending plans

Spending Plans

There were few surprises when it came to where our hard earned money was being spent. News had trickled out throughout the last week or so but here are some key announcements:

The new National Productivity Investment Fund will provide £23bn to support a range of investments including:

  • £7.2bn for the construction of new homes
  • £4.7bn towards science and innovation
  • £2.6bn to tackle road congestion and enhance the UK’s road networks
  • £0.7bn to support the market in rolling out future 5G communications
  • £400m to venture capital funds so growing tech firms can access funding supporting growth & innovation
  • £1.8bn funding for the regions through the Local Growth Fund

A consultation will be held on the R&D ‘above the line’ tax credit.

Further help will be available to double the capacity of exporters in the UK.