The Chancellor of the Exchequer, George Osborne, set out the state of the economy in the Autumn Statement and revealed his plans for spending earlier today. During the speech delivered to the House of Commons, the Chancellor announced a £400m Northern Powerhouse Investment Fund designed to help small businesses grow.
The government had agreed with the British Business Bank and local enterprise partnerships in the North West, Yorkshire and the Humber, and the Tees Valley to create the fund. This equals more than £500m of funding available to invest in smaller businesses across the North given the North East's separate sum.
When asked by a Conservative MP what had been achieved by the Northern Powerhouse, George Osborne reiterated his and the government's continued commitment to devolve powers across transport, cultural and science institutions.
As part of this 'massive commitment' to transport, he went on to say that a 50 per cent increase in spending to £61bn would pave the way for construction of the HS2 link between the South and the Northern Powerhouse, enable the largest road investment programme since the 1970s and allow for investment in major rail projects like the Trans-Pennine electrification.
An 'oyster card for the North', a smart integrated ticketing system that allows users to travel across the North by bus, tram and train, received a £150m of funding. This formed part of the government's pledge to spend £13bn on transport in the North.
For further commentary: Spending Review 2015 | A look towards 2020
Policy paper: Spending Review and Autumn Statement 2015 | Documents
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