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East Midlands

The East Midlands will benefit from schemes announced in the Spending Review:

Growth

• £530m of investment in broadband, benefiting a total of around 2 million households, including in some of the most remote areas of the UK;
• the £1.4 billion Regional Growth Fund will support projects with significant prospects for sustainable private sector growth and provide support for people in areas which are currently dependent on the public sector;
• a £5,000 incentive for the purchase of electric vehicles, coupled with  the roll out of electric vehicle charging infrastructure – electric vehicle manufacturers in the East Midlands may benefit from the introduction of these initiatives; and
• Capital investment programmes in the East Midlands will concentrate new investment on infrastructure underpinning economic growth, and maintaining existing public assets:
  • M1 – replacing a viaduct carrying the M6 over the M1
  • M1 – hard shoulder running and variable speed limits between junctions 28 and 30
  • A46 – improvements between Newark and Widmerpool

Fairness

• funding the increase in participation in education and training, benefiting 5.5 per cent of 16-18 year olds in the East Midlands that are not in Education, Employment or Training;
• uprating of the Basic State Pension (BSP) by the highest of earning, prices or 2.5 per cent, from April 2011, benefiting around 900,000 people in the East Midlands; and
• above indexation increases in the child tax credit, funded by savings from restricting child benefit entitlement for households with a high rate taxpayer, potentially benefiting over 300,000 families in the East Midlands.

Public Service Reform

• a settlement for local government that radically increases local authorities’ freedom to manage their budgets, resulting in greater control over £7 billion of grants; and
• Community budgets will be run in 16 local areas, including Leicestershire, and Lincolnshire, from April 2011 for families with complex needs, to help improve outcomes, and reduce duplication and waste.

The Spending Review builds on the foundations for sustainable, balanced, private sector-led recovery set out in the Chancellor’s June Budget. The Budget announced a number of initiatives which will help build an economy that works for the East Midlands.

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