UK Chancellor Rishi Sunak outlined the UK Government’s spending agenda for 2022 in Westminster this Wednesday.
Here are the key points in Rishi Sunak’s autumn Budget and Spending Review:
Mr. Sunak said he was allocating the first round of bids from the “Levelling Up Fund”, noting it would be £1.7 billion to “invest in the infrastructure of everyday life in over 100 local areas”.
The Chancellor added: “With £170 million in Scotland, £120 million in Wales, and £50 million in Northern Ireland – more than their Barnett shares. This will benefit the whole United Kingdom.”
Chancellor Rishi Sunak said the Government is backing projects in Aberdeen, Bury, Burnley, Lewes, Clwyd South and Stoke-on-Trent – along with Labour areas of Ashton under Lyne, Doncaster, South Leicester, Sunderland and West Leeds.
Furthermore, the Chancellor said core science funding will rise to £5.9 billion a year by 2024-25, a cash increase of 37%.
A new 50% business rates discount will apply in the retail, hospitality, and leisure sectors, with eligible businesses able to claim a discount on their bills of up to a maximum of £110,000.
A £6 billion funding package to tackle NHS backlogs and invest in technology was also trailed ahead of the statement.