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Defence, innovation and infrastructure, investment boost

Homeland November 23, 2016

Chancellor Philip Hammond has made his Autumn Statement on the economy.

The Chancellor presented his statement today, vowing to create a more resilient economy, helping clear the deficit as early as possible after 2020.

Despite pressure to reduce deficit, Mr Hammond said that the UK needs to meet its commitment to defence spending, ensuring 2% of GDP is to be spent within the defence sector.

Some £102m of LIBOR bank fines will be passed to Armed Forces and Emergency Services charities, adding to the sum already donated, while LIBOR fines of £20m will support the Defence and National Rehabilitation Centre at Stanford Hall in Nottinghamshire.

A National Productivity Investment Fund, was a major initiative announced, which will see £23bn spent on innovation and infrastructure over the next five years. Prime Minister Theresa May had already confirmed a £2Bn investment into science, research and development, and £1Bn to improve the country’s digital infrastructure, in a speech to the CBI pre-budget.

The Chancellor said: “We have chosen to borrow to kick-start a transformation in infrastructure and innovation investment.

“But we must sustain this effort over the long term if we are to make a lasting difference to the UK’s productivity performance.”

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Budget Defence and National Rehabilitation Centre infrastructure investment National Productivity Investment Fund Philip Hammond research and development Stanford Hall

Post written by: Vicky Maggiani

Vicky has worked in media for over 20 years and has a wealth of experience in editing and creating copy for a variety of sectors.