With winter underway, last week’s Autumn Statement gave the first indication of Brexit Britain and the economic outlook for the period ahead. Whilst received by some commentators as ‘dull’ and with mixed reviews, the Statement gave an honest and constructive account of our financial situation; proposing long term economic measures to grow our economy and prepare us for the future. Though boring for some, this Statement is delivering economic certainty for the UK. So what will the Autumn Statement offer for Suffolk and East Anglia?
This latest Autumn Statement was the most outwardly looking fiscal review for some time, with an eye on both regional and local growth for business and infrastructure. In our own region, investment in the East West Rail network and the new Oxford to Cambridge Expressway is welcome acknowledgement of the need for national connectivity between growing regions; reshaping our nation’s geography away from London and the South East.
And of course, our regional infrastructure investment doesn’t end there. For the Chancellor announced a new £23 billion National Productivity Investment Fund, which includes a science and innovation audit for East Anglia. This is welcome news for a region fast establishing itself as a centre for technology in agriculture, engineering and life science.
Yet with £1.1 billion announced for English local transport and strategic roads, I am determined the strategic importance of the A14 trunk road is recognised. That is why I called on the Treasury Minister just this week, to consider the importance of the A14, linking Felixstowe Port with the Midlands and the country, highlighting Suffolk.
There is further good news for businesses, who will stand to benefit from 100% Rural Rate Relief, with some businesses to gain up to £2,900 a year. Furthermore, the Treasury has assigned, as part of the Local Growth Fund, £542 million to the Midlands and East of England to be invested by the Local Enterprise Partnerships (LEPs) on the ground. For businesses, they can invest with confidence that long term strategies for business and local growth have been committed to.
However, with the welcome announcement to drive forward the UK to be world class in digital infrastructure and 5G technology- underpinning our growth in transport, business and lifestyle needs – can and should only be delivered with the vital redress of rural ‘not-spot’ areas. Little can be achieved for rural residents or businesses, if they cannot access connectivity and nor could the UK be considered a “world leader” in digital infrastructure, without this.
This and the need for further rural infrastructure developments in Suffolk and my own Bury St Edmunds constituency is where my focus will be following on from the Autumn Statement and as we look to the year ahead.