- The East of England is set to benefit from the Conservative Government’s Spring Budget 2023, that delivers on the Prime Minister and Chancellor’s priority to halve inflation, reduce debt and grow the economy.
- The Chancellor’s Spring Budget tackles the two biggest issues the UK economy faces – getting investment into the economy and filling one million job vacancies, by creating more opportunities for work across every region in the UK.
- The East of England is set to benefit from new investment and boosted job opportunities, on top of £94 billion of cost of living support, averaging £3,300 for every household in the UK.
The East of England is set to benefit from the Conservative Government’s Spring Budget 2023, bringing more investment to the area to create new jobs and grow the economy.
Thanks to the Conservative Government the East of England will see 2 projects, backed by £11m through the Levelling Up Regeneration Projects and 2 projects backed by £387,000 through the Community Ownership Fund. These new projects will create jobs across the area and restore pride by delivering on local priorities.
The Chancellor has also committed £27.4m across the East of England to fix 550,000 potholes, increasing road safety for motorists.
Recognising the vital role our hospitality sector plays in growing the economy, the Draught Relief announced at the Budget will benefit 3,365 across the East of England and help our pubs to prosper.
The Conservative Government have set the mission that, by 2030, every part of England that wants a devolution deal will have one. They have made progress on this including across East of England, empowering local leaders to deliver for their local communities.
This is a Budget for growth and sets the conditions to deliver on the Prime Minister and the Chancellor’s priorities: to halve inflation, grow the economy and reduce debt to deliver better living standards for everyone across the country.
Commenting, Bim Afolami MP said:
“I am delighted the Conservative Government is investing in the East of England, creating new jobs and economic growth in our area.
“From more money to fix our roads to backing local regeneration, the Chancellor’s Budget will benefit families right across the country.”
Commenting, Chancellor of the Exchequer Jeremy Hunt said:
“We are working hard to deliver on our priorities to halve inflation, grow the economy and reduce debt so we build a stronger and more innovative economy that will guarantee a better future for the next generation.
“This Budget tackles the two biggest issues the UK economy must overcome to grow – getting investment into our economy and filling one million job vacancies.
“It does this by delivering the four pillars – Enterprise, Employment, Education and Everywhere – that includes delivering for every region across the UK.”
ENDS
Notes to Editors
- The Budget announces a tax cut for business worth £25 billion over three years, rewarding businesses for every single pound they invest in the UK. The Budget delivers full-expensing which offers 100 per cent first-year relief on new qualifying investments in main rate plant and machinery from 1 April 2023 until 31 March 2026. For every pound a company invests, their taxes are cut by up to 25p – this puts £25 billion back into the economy over the next three years.
- The Budget announced £211 million for 16 local regeneration projects across England. The Spring Budget announces £211 million investment in 16 high-quality local regeneration projects across England. From Stalybridge to Tendring, these projects will make a meaningful difference to places in need of investment.
- The Budget confirms funding for an additional 30 projects through the existing £150 million Community Ownership Fund. This will enable more communities to take ownership of assets at risk of closure in places like Keighley, Stoke on Trent and the Vale of Clwyd. This means the Fund has now benefitted almost 100 communities across the UK.
- The Budget invests £200 million in maintaining and improving local roads and potholes, improving journeys for motorists. We are investing £200 million in 2023-24 in maintaining and improving local roads, enabling local authorities to fix more potholes, complete resurfacing and invest in major repair and renewals to ensure our road network is safe and improved for motorists.
