Andrew Carter, Director of Research and Policy at Centre for Cities, sets out the key announcements from the Chancellor's Autumn Statement.
Over the next hour or so i’ll be sharing some thoughts on what the Statement means for cities.
12.43 The first obvious point is that when hear national figures around growth, jobs, exports, and unemployment – there is huge variation between cities up and down the UK.
The second obvious point is that if 1.2m private sector jobs have been created in the UK then the vast majority (approx. 75%) will have been created in cities.
12.55 city budgets will not be reduced by a further 1% next year but will be reduced by 2% the following year. Services and activities focused on supporting the economy and jobs are likely to under further pressure as a result
12.57 Annoucements on rail – extension of HS2 to North West and Yorkshire. £1bn loans to extend underground to Battersea and Olympic Park in London.
Broadband investment for 12 cities including Brighton & Aberdeen. Making sure this is used not only for installing the physical infrastructure but is also used to ensure that entrepreneurs and small firms are able to access the appropriate wrap-around services will be important.
13.09 Cities Outlook 2011 showed welfare is a significant source of income for many cities – in Glasgow the annual welfare bill was £3.2bn in 2009, in London it was £22bn.
13.14 RGF is getting more funding – the challenge is to increase the rate at which it is dispersed to businesses and cities.
Other points worthy of note:
Aeropace and Advanced manufacturing signalled out as sectors to get ‘more support’.
UKTI’s budget is to be expanded by 25%. This should make it easier for them to work more closely with cities to ensure that the assets and strengths of different places are communicated to potential overseas investors and businesses.
In response to the Hesletine review LEPs will be able to bid into a single capital pot which will combine funding from housing, transport and skills budgets.
And that’s it from this live blog. Do check back for our detailed response to the Autumn Statement in the coming weeks.
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