PRIME Minister Theresa May will reserve billion pounds of spending on research and development and regional growth strategies, setting out plans to help the economy grow after Brexit.
Today, as part of the run-up to Philip Hammond’s budget on Wednesday, she will announce £1.7 billion pound fund to help regenerate cities and a £2.3 billion pound boost to research and development spending.
“This is a new long-term approach to shaping a stronger and fairer economy for decades to come,” May said.
The main goal of Wednesday’s budget will be to improve Britain’s productivity.
The new funding is linked to Britain’s “Industrial Strategy” – Plans to create more skilled, high-paying jobs that were first announced by May after she took office last year to help fortify Britain’s service economy against Brexit-related shocks.
The transport-focused “Transforming Cities Fund” will try to better link up Britain’s cities in search of productivity improvements and foster greater collaboration and innovation.