“The Chancellor has set out her spending plans through to 2029 to parliament. As is increasingly the custom, many of the headline announcements had been made in advance so there was little in the Chancellor’s speech that was new.
“The Government’s headline is that they are investing in Britain’s renewal, security, health, and infrastructure in particular; with the twin objectives of driving economic growth and an increase in living standards.
“The big winners were health, defence and R&D. Energy and infrastructure were also highlighted, with spending for Sizewell C, small modular reactors and Carbon Capture and Storage, as well as rail projects across the country. We already know the Lower Thames Crossing has been given the go-ahead.
“For businesses, the Chancellor stated that access to talent, finance and support for innovation would address concerns. Spending in these areas will include increasing the funding of the British Business Bank to £25bn and £1.2bn a year by 2029 to support over a million young people into training and apprenticeships.
“All of this is welcome but there is plenty of detail yet to be filled in before we know the specific impacts in Essex and, for example, what will replace the Shared Prosperity Fund?
“Much will depend too on what is in a basket of strategies due to be published soon – on infrastructure, industrial strategy, trade, defence and small businesses – and their implications for spending and investment decisions. It will be critical that the strategies engage and support business in its contribution to economic growth.”
If you have any reactions or questions on the Spending Review, please don’t hesitate to get in touch with Iain McNab.
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12.06.2025
