Hammond: NPIF For Innovation & Infrastructure Worth £23bn
United Kingdom - Philip Hammond as The Chancellor of the Exchequer, a senior official within the Government of the United Kingdom gives his Autumn Statement on Wednesday (23/11/2016). He announced a National Productivity Investment Fund (NPIF) for innovation and infrastructure worth £23bn over five years.
This was the only spending commitment in the statement funded by additional borrowing, rather than other fiscal measures such as tax cuts, the chancellor said, as reported from themj.co.uk, Thursday (11/24/2016).
Mr. Hammond said he had written to the National Infrastructure Commission to advise it should assume that the Government would spend between 1% and 1.2% of GDP on infrastructure every year from 2020 until 2050. He added that current spending, measured according to the same definition, would be around 0.8%.
On digital infrastructure, the chancellor also confirmed a total of £1bn to ‘catalyze private investment in fibre networks and to support 5G trials’. He announced that 100% business rates relief would apply to new fibre infrastructure for five years from April 2017.
Mr. Hammond said ‘Our future transport, business and lifestyle needs will require world-class digital infrastructure to underpin them so my ambition is for the UK to be a world leader in 5G.’