Chancellor commits £392m to Midlands LEPs

Chancellor commits £392m to Midlands LEPs

Chancellor Philip Hammond said he is committed to closing the gap between London and rest of the country in his Autumn Statement today.

On the back of this, Hammond says the Government is investing £5m in development funding for the Midlands Rail Hub and a programme of rail upgrades in and around central Birmingham that could provide up to 10 additional trains per hour, although it is unclear in the detail of the Autumn Statement how this is being funded.

The Chancellor also said there will be £392m to LEPs in the Midlands, and that the government will continue to work towards a second devolution deal with the West Midlands Combined Authority.

The government says it will publish a Midlands Engine strategy shortly, and that and the British Business Bank will make its first investments in the Midlands Engine Investment Fund, which is set to total £130m between now and 2021, next year.

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