In his Autumn Statement 2016 the chancellor announced a number of non-tax measures intended to boost productivity and strengthen the economy.  We pick out a selection of the main ones.

New investment fund to boost productivity

  • A new National Productivity Investment Fund (NPIF) will provide £23bn for high value investment between 2017/18 and 2021/22.
  • Priorities will be housing, R&D, transport and telecoms.

Funds for start-ups

  • The Government will invest £400m in VC funds via the British Business Bank to help growing firms.
  • Aim is to prevent so many start-up technology firms being snapped up by bigger companies.

More support for exporters

Additional support to be provided to exporters through UK Export Finance by:

  • Doubling its total risk appetite to £5bn.
  • Increasing the number of pre-approved local currencies in which it can offer support.

Investment in digital infrastructure

  • £1bn investment by 2020-21 to bring more full fibre broadband and trial 5G technologies.
  • Main cities likely to benefit first.
  • New 100% business rates relief for 5 years on new fibre infrastructure.

Investment in transport infrastructure

  • £1.1bn by 2020/21 from the NPIF to relieve congestion and upgrade local roads and public transport.  £220m for strategic roads.
  • £530m for rail infrastructure to increase capacity and smart ticketing.
  • A new Oxford and Cambridge Expressway: a rail corridor which will also include Milton Keynes.

Business rates reliefs

  • Rural rates relief to double to 100% from 1 April 2017.
  • New 100% business rates relief for 5 years on new fibre infrastructure.

Increased funds and powers to cities, regions and nations

  • £1.8bn to go to Local Enterprise Partnerships around the UK to improve transport, house building, skills and digital connectivity.
  • Continuing devolution of powers in English regions
  • More city deals for Scotland and Wales.

National Living Wage and National Minimum Wage to increase

Back to Autumn Statement 2016: Headlines and Highlights