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Yorkshire & the Humber

Yorkshire and Humber will benefit from schemes announced in the Spending Review:

Growth

• the creation of a UK-wide Green Investment Bank that will be funded by a £1 billion spending allocation and additional proceeds from the sale of Government-owned assets. The bank will encourage significant additional investment in green infrastructure – Yorkshire and Humber has a offshore wind farm technology industry;
• £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 Government will also pursue a superfast broadband pilot project in North Yorkshire benefiting thousands of households in the area;
• Local Enterprise Partnerships (LEPS) which will provide the strategic leadership in areas and set out local economic priorities.  LEPs will play a pivotal role in delivering the Government’s aim for an economy rebalanced towards the private sector;
• 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; and
• Capital investment programmes in Yorkshire and Humber will concentrate new investment on infrastructure underpinning economic growth, and maintaining existing public assets:
  • M62 – hard shoulder running and variable speed limits between junctions 25 and 30 will relieve congestion
  • Leeds station – new southern entrance to create a faster, accessible route to the south of the city centre from the station
  • Sheffield to St Pancras – line speed improvements

Fairness

• funding the increase in participation in education and training, benefiting 7.8 per cent of 16-18 year olds in Yorkshire and Humber 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 1 million people in Yorkshire and Humber; 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 380,000 families Yorkshire and Humber.

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 Bradford, and Hull 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 Yorkshire and the Humber.

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