Member Article

What to expect for Yorkshire in the Autumn Statement: Project wish list or long term plan

George Osborne will of course be pointing out the ways his long term economic plan is working in his final fiscal messages before the general election, but Yorkshire and the North are also set to benefit from devolution, and an emphasis on Northern infrastructure.

The question remains whether the idea of a Northern Powerhouse will be a central piece to the statement, and whether, instead of rehashing the drip-feed of measures and funding the government has already given us, the Chancellor will use his time to give greater clarity to the development of the One North and HS3 plans.

Big rail and road programmes for the North will undoubtedly be confirmed in this year’s statement, though it is likely much of the proposals will similarly be re-annnouncements.

Bdaily has reported previously that the government is set to spend £2.3 billion on road links including a better trans-Pennine route and the anticipated Hull-Liverpool link via Leeds and Manchester plans will also likely be on the agenda.

The Times has reported that the Chancellor will announce a £200 million Manchester science institute to rival the Crick Institute in London which will have satellite hubs in Sheffield, Leeds and Liverpool, and is intended to attract world-class scientists to the North.

Osborne is also allocating an extra £400 million to expand the state-owned London and Sheffield-based British Business Bank’s venture capital programme.

It is also expected that the Chancellor will confirm more devolved powers for Leeds and Sheffield, as well as a new Transport for the North authority to oversee buses, rail and metros.

For the UK as a whole, tax cuts rather than rises will form the cornerstone of Osborne’s statement.

The Conservatives have already committed to lift the tax free allowance to £12.5k by 2020 if they are elected next May. The Tories also plan to raise the top threshold to £50k before people start paying the 40% rate.

Expect Osborne to confirm big spending cuts for the next Parliament. He will also set out the details of 1,400 flood defence projects to which more than £2.3 billion has been allocated to upgrade Britain’s flood defences, protecting 300,000 homes.

Speaking on Sunday, Mr Osborne said: “Of course we need to do more. We need to improve our productivity. That’s a British weakness. We need to make sure we export more.

“And of course when our main export markets in Europe are weak, we need to look further afield to China and India and Brazil. We need to make sure that our kids have the right skills, we need to make sure our businesses are competitive.

“You’re going to see all of these things addressed on Wednesday as part of an ongoing plan to prepare this country for the global race and the challenges we all face in the modern economy.”

Stuart Watson, Yorkshire and Humberside senior partner at EY said: “It was pleasing to see an announcement to invest £15 billion in England’s roads, of which the North will benefit.

“Now what we need is more clarity and support around the next steps for ‘HS3’ and the One North transport plan, which itself is a prime example of important pan-Northern collaboration and would be welcomed by many business leaders in helping to pave the way for a better connected North.”

“We could also hear more on how innovation and development across potential infrastructure schemes like One North could qualify for tax relief, and make an even stronger business case for ensuring these programmes deliver.”

This was posted in Bdaily's Members' News section by Clare Burnett .