Chancellor Philip Hammond’s Autumn Statement: Key Highlights
The UK government has announced significant investments in digital infrastructure and startup support as part of its Autumn Statement. The plans aim to boost the country’s connectivity, innovation, and economic growth.
Digital Infrastructure Investment
- £1BN investment by 2020-21: The government will spend over £1 billion on high-speed fiber broadband and mobile networks.
- Faster connectivity: This investment will enable faster internet speeds, paving the way for widespread adoption of emerging technologies like 5G, IoT, and AI.
Startup Support
- £390M low-emission vehicles fund: The government will invest £390 million in electric vehicle charging infrastructure, connected autonomous vehicles, and low-emission vehicles.
- 100% capital allowance: Businesses installing EV charging points will receive a 100% first-year capital allowance.
Oxford-Cambridge Transport Link
A significant investment of £110M has been allocated to create an East-West rail link between the two universities. This will not only improve transportation but also foster knowledge sharing and collaboration between academia, industry, and government.
R&D Funding Boost
The Prime Minister’s announcement earlier this week of a £2BN per year funding boost for R&D by 2020 has been reaffirmed in the Autumn Statement. This increase will support innovation and entrepreneurship across various sectors.
Corporate Tax Rate Reduction
The corporate tax rate will drop to 17% next April, which is part of the government’s efforts to make the UK a more attractive destination for businesses.
Post-Brexit Investments
Chancellor Hammond highlighted the significant investments made in the UK since the Brexit referendum, including those from Softbank, Nissan, Google, and Apple.
