David Simpson – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by David Simpson on 2016-06-06.

To ask Mr Chancellor of the Exchequer, what steps the Government is taking to ensure that every region in the UK benefits from future economic growth.

Greg Hands

Economic development in Northern Ireland, Scotland and Wales is the responsibility of the devolved administrations. At the 2015 Spending Review, the government announced that funding available for infrastructure investment via the block grant would rise by 12% in Northern Ireland, 14% in Scotland and 17% in Wales through to 2020-21. At Budget 2016 the government then committed an additional £220m of funding through the Barnett Formula to Northern Ireland, over £650m to Scotland, and more than £380m to Wales.

The government is also empowering England to take responsibility for economic growth. By May 2017, over half the population of the North of England will have a powerful new directly elected mayor. £200m has been committed to Transport for the North, strategic investments have been made in science (including £235m for the Sir Henry Royce Institute,) and Hull has been backed as the 2017 City of Culture. The government is investing in growth in all parts of the country, for example through creating a Midlands Engine Investment Fund of over £250m. Meanwhile our business rate reforms offer local authorities across England unprecedented new levers to drive growth.