You are here: Home - Investing -

Government to announce £5bn investment into schools, transport and projects

0
Written by:
04/12/2012
Chancellor George Osborne is set to announce a five billion pound investment in transport, schools, and science projects in tomorrow's Autumn Statement.

In the much-trailed statement, the Chancellor will say this investment is to be funded in part by departmental savings over the next two-and-a-half years.

Whitehall departments will be asked to cut day-to-day spending by 1% – around £950m – in 2013/14 and 2% – about £2.5bn – in 2014/15.

Most of these savings will come from cuts to back office functions, a government spokesman said.

Osborne will also update Parliament on the nation’s finances, with expectations high that figures from Office for Budget Responsibility will show growth forecasts pared back.

“We are committed to solving today’s problems, but also preparing for tomorrow’s challenges by investing in our future and equipping Britain for the global race,” a Treasury spokesman said.

The Chancellor is also expected to announce changes to the way Private Finance Initiative (PFI) projects are funded.

The government said changes would mean the new scheme, called PFI2, would be quicker, more transparent, and less generous to private companies.

The plans would see taxpayers take a share of up to 49% in new projects, meaning they would share in profits from public infrastructure projects.

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2229427-pa-9064821
Osborne sets aside £77m to tackle ‘cowboy’ tax advisers

Chancellor George Osborne has given HM Revenue and Customs extra powers to tackle advisers promoting aggressive tax avoidance schemes.

Close