30 Mar Government going further and faster to kickstart economic growth in the South East
Working people and businesses in the South East are due to benefit from the government’s drive to kickstart growth that is felt across the UK.
The Spring Statement builds on builds on action already taken as the government goes further and faster to kickstart economic growth in the region.
£2.2 billion extra defence spending
The extra £2.2 billion invested in defence next year will contribute to the refurbishing of the defence estate – providing serving families with the homes they deserve, and refurbishing His Majesty’s Naval Base, Portsmouth.
Investing in the South East’s infrastructure
£4.8 billion 25/26 funding for National Highways will help deliver vital improvements to the M3 J9 scheme in Hampshire.
The development of the Oxford-Cambridge Growth Corridor is resulting in the delivery of East-West rail, with services running between Oxford and Milton Keynes already, and services running to Bedford by 2030.
The new South East Strategic Reservoir Option (Abingdon Reservoir) near Oxford, the Broad Oak reservoir in Kent and the Havant Thicket Reservoir in Hampshire, will be built because of a £7.9billion government-unlocked investment in water resources in the next 5 years. This is part of the water sector’s plans to invest £104 billion over the next five years to ensure supplies for future generations and deliver cleaner rivers and seas.
The region’s first AI Growth Zone, in Culham, Oxfordshire, will drive regional growth.
Investment in social and affordable housing
The South East will also benefit from the government’s £2 billion investment in social and affordable housing, including in Thanet.
Housebuilding will be supported by the Government’s commitment to build 10 new technical excellence colleges, and spend £165 million to help existing colleges deliver more construction courses – aimed at skilling up of 60,000 young people to become engineers, brickies, sparkies, and chippies to get Britain building again.
