In today’s budget George Osborne, Chancellor of the Exchequer, delivered what he described as a ‘budget for the next generation’ in order to make Britain fit for the future. Osborne declared five bold steps in today’s budget including a radical devolution of power as well as major new commitments to the national infrastructure projects of the future.
Highlights for the logistics and transport industry include:
- Green light for HS3 between Leeds and Manchester
- £80 million to give Crossrail 2 the go-ahead
- Fuel duty to be frozen again in 2016-17
- Tax support worth £1 billion for the oil and gas industry
- New tunnelled road from Manchester to Sheffield
- £730 million in further auctions to back renewable technologies
- City deals with Edinburgh and Swansea
- Declaration that over half of the population of the Northern Powerhouse will be able to elect a mayor accountable to them next year
- Creation of a 4-lane M62
- Acceptance of the Infrastructure Commission’s recommendations on energy and London transport
- From 2018 the tolls on the Severn Crossings will be halved
Commenting on today’s budget Kevin Richardson, Chief Executive, CILT said: ‘The Government’s commitment to investing in large scale national infrastructure projects to make Britain fit for the future is welcomed. The Chancellor’s pledges to deliver infrastructure improvements ensure that the logistics and transport industry can continue to drive UK economic growth and serve the fast-growing population of the United Kingdom.’