Theresa May has visited the West Midlands this week to promote a £1.7bn investment as part of the Government’s industrial strategy.
Theresa May will be joined by Business Secretary Greg Clark and Chancellor Phillip Hammond as they look to promote their plans to improve transport links to connect prosperous city centres with struggling suburbs.
The Transforming Cities fund aims to improve reduce congestion, improve connectivity and bring in new technology to create high-quality jobs and spread the wealth around the country.
Upcoming Budget
Mr Hammond is expected to reveal more about how the fund will be spent in this week’s upcoming budget. The ministers also used their visit to promote their decision to boost research and development spending within the transport industry.
The Government’s industrial strategy aims to improve productivity and jobs in post-Brexit Britain.
Writing in the Times, Theresa May said it would create a number of “high-quality, well-paid jobs across the country” helping to shape “a stronger and fairer economy”
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Chris Grayling, Transport Secretary said the fund would make it “quicker and easier for people to get around”.
The Federation of Small Businesses said the transport improvements must also include upgrading local roads. Chairman, Mike Cherry, had this to say: “Many small firms rely on accessible and well-maintained transport networks to move the goods and services their businesses are built on,”.
The decision to increase research and development spending as been called landmark moment by Business Secretary Greg Clark.
Mr Clark had this to say:”The only way we can pay for the good public services that we want to have now and in the future is to make sure we are earning our living in the world and if we look ahead and look at how the world is changing, like it or not, in every country in the world there is a huge change – for example in cars and van; every country is going to have a change from vehicles powered by petrol and diesel to electric, many of them driven autonomously.”
An extra £2.3bn will be spent by the Government on R&D in 2021/22, bringing the annual total to £12.5bn.
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