Autumn Budget 2017 – Key points for the West Midlands
The Chancellor of the Exchequer, Philip Hammond released the Autumn budget on the 22 November. We here a Sustainability West Midlands have picked out all the key points related to sustainability.
The National Productivity Investment Fund was £23bn over a five year period, it has been extended for an additional year, going up to £31bn. This money is aimed at increasing productivity through housing, research and development and economic infrastructure.
Birmingham is one of thirteen regional hubs that are being set up to secure the UK’s world leading position in digital innovation, with the government investing £21m over
the next 4 years to expand Tech City UK’s reach.
To help tech start-ups reach scale the Chancellor has asked for a review of patient capital with a view to publishing an ‘action plan’ to unlock £20bn of new investment in UK knowledge intensive scale-up businesses.
There is a big push on driverless and electric cars in this budget with a new £400m ‘charging infrastructure fund’ set up with an additional £100m for a Plug-In Car Grant and £40m for research into R&D charging technology.
Mayor Andy Street has agreed a devolution deal for the West Midlands with the aim of unlocking future growth and improving productivity across the West Midlands.
The West Midlands are one of three regions that are being granted funding for the Housing First Pilot which originally began in Finland. The idea is to provide homeless people with permanent stable homes instead of moving them towards temporary hostels or shelters.