· 1 min read · Features

The budget announcements impacting HS2 and the job market

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The UK’s 2020 Budget announced in March sees record spending on the country’s infrastructure.

Not only does this affect train lines, but other modes of public transport and the nation’s roads up and down the country have been collectively granted over £600 billion for improvement.

Announcements in this year’s Budget that could affect/contribute to the development of HS2 and the impact it will have on future jobs include:

  • £20 million of funding to develop the Midlands Rail Hub.

  • A £4.2 billion contribution to the Transforming Cities Fund which will help give eight Mayoral Combined Authorities north of London the opportunity to invest more in their local infrastructure.

  • A review of the Green Book, which sets out how decisions on major investment programmes are appraised in order to make sure that government investment spreads opportunity across the UK.

  • A National Infrastructure Strategy scheduled for publication later in the spring.

  • A Comprehensive Spending Review (CSR), due for completion in July which will give detailed spending plans for public services and investment, covering resource budgets for three years from 2021-22 to 2023-24 and capital budgets up to 2024-25.

Priorities for the CSR include:

1. ‘Levelling up economic opportunity across all nations and regions of the country by investing in infrastructure, innovation and people, to drive productivity and spread opportunity,’ and,

2. ‘reducing carbon emissions and improving the natural environment’

Click here to read April's cover story on HS2 and the job market.