On Wednesday 22nd November, the Chancellor delivered a budget that backed infrastructure investment for Cambridgeshire and also outlined investment and opportunities for our area in conjunction with strategies to develop a highly skilled and dynamic workforce ready to embrace the opportunities that lie ahead.
In order for Cambridgeshire to continue to grow and prosper, ambitious infrastructure investment is required and in the Budget the Chancellor endorsed the vision of the National Infrastructure Commission’s recently released report on the Cambridge, Milton Keynes, Oxford Corridor, signalling the intention to: ‘Create a dynamic new growth corridor for the 21st Century’.
The Report had called for a clear joined-up plan on housing, jobs and infrastructure to protect the region’s position as a national asset that competes globally.
The autumn Budget commits to building up to a million homes along the corridor by 2050, while completing the road and rail infrastructure to support them.
It was also announced that the Government is starting a study on the enhancements needed to accommodate future rail growth across Cambridgeshire and, through the Transforming Cities Fund, £74 million will be given to the Cambridgeshire and Peterborough Combined Authority to invest in transport priorities in the region.
In addition to investing in infrastructure, the Budget recognised the importance of a skilled and dynamic workforce, ready to embrace the opportunities that lie ahead and, in this respect, focused on boosting skills for the next generation. £20 million is to be allocated to help teachers prepare for the introduction of T Levels and to enable the expansion of the ‘Mastery Maths’ teaching programme to a further 3000 schools together while a combined £124 million is to be committed to training maths teachers and up-skilling computer science teachers.
The Budget’s focus on boosting skills for the next generation furthermore included a commitment to establish a Tech Nation regional hub in Cambridge, which will support companies and start-ups from across the region to fulfil their potential.
In addition to boosting skills, the significant changes to Stamp Duty Land Tax for first time buyers and the introduction of a 16-30 railcard will further support our youth.
Significant support was also outlined for established science and tech companies, so many of which are located in Cambridgeshire. Immigration rules will change to allow world-leading scientists and researchers endorsed under the Tier 1 (Exceptional Talent) route to apply for settlement, highly-skilled international students will be able to apply to work in the UK after finishing their degrees and red tape will be relaxed. These changes will enable our leading innovative businesses to continue to hire the exceptional talent they need to compete on the world stage.
Lucy Frazer responded to the Budget saying, “This Budget is a good Budget for Cambridgeshire with investment in our housing, our infrastructure, our science and technological business community and our youth. It is a forward looking Budget and I very much welcome the opportunities it affords our region.”