Hammond seeks productivity boost with £2.6bn for transport
Road and rail links between Oxford and Cambridge among infrastructure projects announced by chancellor
Transport is one of the biggest beneficiaries of a new commitment to “high-value” investment in the British economy announced by the chancellor, Philip Hammond, in his autumn statement. Traffic-clogged roads and a new hi-tech railway system are among the projects to receive an additional £2.6bn in funds.
The chancellor’s focus in the autumn statement was for small-scale schemes that would directly contribute to raising Britain’s productivity. The extra transport investment will be drawn from the newly created £23bn National Productivity Investment Fund. Philip Hammond said £1.1bn would be spent on English local transport networks, “where small investments can offer big wins”. Another £220m has been allocated to address traffic pinch points on strategic roads.
Source: Guardian Transport