Today we saw the Chancellor set out his stall for the UK economy, rightly prioritising fighting the pandemic and investing in the UK’s recovery. The spending review sets departmental budgets, establishing a long-term vision for government spending. However, this year’s spending review only covered one year (typically they span five years) given the uncertainty surrounding the pandemic. Despite this, the overall tone of the Chancellor’s speech was largely positive for business, reflecting many of the funding commitments the business community has been calling for.
Investing in Jobs
- An additional £3.7bn is being allocated to build on what we saw in the government’s Plan for Jobs in the summer; including a new Restart programme and further support for the Kickstart scheme
- On skills, the government announced £138m of new funding to deliver a Lifetime Skills Guarantee and £1.4bn of new funding to increase Job Centre Plus capacity.
Investment in transforming our infrastructure
- We finally saw the publication of the National Infras