The Prime Minister has today launched plans to improve UK productivity as part of the government’s Industrial Strategy which will see £1.7 billion invested in transport links.
Theresa May is visiting West Midlands later today as part of a week which will see the government elaborate on its plans to create a stronger economy, with the Budget to be delivered on Wednesday too.
As part of its Industrial Strategy, the government has launched a Transforming Cities Fund, totalling £1.7 billion that will not only upgrade transport links, but by promoting local growth in each city, it will ensure these locations are at the forefront of the strategy, which will be released in full next week.
The West Midlands area itself will also receive £250 million of this funding for its own transport links.
The Transforming Cities Fund, which is the latest investment to help improve infrastructure across the country, will target weaknesses in the transport system so that productivity increases, as well as prosperity.
By providing more local transport links, more cities in the country will have greater accessibility and connectivity benefiting businesses too.
Chris Grayling, Secretary of State for Transport, believes transport funding is crucial.
“Investment in transport is crucial to a strong and resilient economy. The Transforming Cities Fund will drive productivity and growth in cities where this is most needed, connecting communities and making it quicker and easier for people to get around.
“We have already seen the impact of better integrated transport links for both passengers and the local economy in cities like Nottingham and Manchester.
“This new fund will enable more English cities to reap these benefits, helping to deliver the opportunities and ambition of the Industrial Strategy across the country, as well as driving forward the Northern Powerhouse and Midlands Engine.”
The Prime Minister also announced today that spending on R&D will be boosted to 2.4% of GDP by 2027, which it is hoped will increase R&D investment in the public and private sector by £80 billion in that time.
These investment decisions will be covered in depth in next Monday’s Industrial Strategy White Paper.