The North East Local Enterprise Partnership today welcomed Government focus on boosting productivity through infrastructure, innovation and business growth measures in the Autumn Statement.
Andrew Hodgson, North East LEP Chair said:
The Chancellor of the Exchequer Philip Hammond’s focus on raising national productivity through substantial infrastructure and innovation investment mirrors the approach of the North East’s Strategic Economic Plan.
We welcome the Chancellor’s recognition that we are making a stronger contribution to the national economy through the creation of more and better jobs.
The Government has committed to investing £23bn into a National Productivity Investment Fund to boost innovation and infrastructure over the next five years which provides opportunities for our region to exploit.
We welcome the Chancellor’s focus on 5G broadband development through a £1bn fund and trials programme – the region has written to the Chancellor with a proposal to create a trial site for 5G in the North East.
The £220m funding for pinch points on strategic roads gives the North East an opportunity to further develop schemes in relation to the strategic highway network in the region.
Investment into the ultra-low emission vehicles sector represents a major opportunity for the North East with its strong automotive sector and highly developed low carbon vehicle programme.
We are delighted that our joint proposal for a Science and Innovation Audit with other Northern LEPs will be going ahead in round two.
A group of tax changes will benefit companies in the region’s rural and urban communities.
We look forward to learning in the coming days the allocation of funding to the individual Northern LEPs through the Local Growth Fund to finance strategic capital projects.