New funds to support productivity and housing in low-key Autumn Statement

THE Chancellor promised an economy that “works for everyone” in his first Autumn Statement which also revealed reduced growth and higher debt forecasts.
Philip Hammond said he wanted his economic policy to “prepare our economy for the exit from the European Union and be match-fit for the transition that will follow.”
“We have made our choices, we have set our course,” he said. “We are a great nation – bold in our vision, confident in our strengths and determined in our ambition to build a country that works for everyone.”
In a measured speech, that was shorter and less bombastic in style than his predecessor George Osborne, he identified his key themes of addressing the productivity gap, economic imbalance and housing needs.
Mr Hammond unveiled a £23bn National Productivity Investment Fund and a £2.3bn Housing Infrastructure Fund. He also committed £1.8bn from the Local Growth Fund to the English regions and cities electing a mayor next May will have new borrowing powers.

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