Chancellor Philip Hammond could outline details of a multi-billion-pound boost to Britain’s beleaguered transport network, when he delivers his first Autumn Statement to Parliament later this month.
He indicated the post-Brexit wave of spending on roads and railways when he made his maiden appearance before the House of Lords economic affairs committee in September – although at the time no details were provided.
Hammond did say, however, that any fiscal stimulus delivered by the Government would provide a ‘quick’ boost to the economy, be ‘well designed’ and ‘limited in duration’.
Hammond, who took on the role in July, highlighted the UK’s ‘unhealthy’ fiscal position and said that ‘modest’ projects would be more beneficial to the economy – rather than schemes that would be too ambitious.
He stressed that measures to boost the economy would contribute to the “long term investment needs of country” as well help solve the challenge of raising productivity and growth.
Hammond said in September: “I think there is a role for big, strategic projects, but they are unlikely to be ever able to contribute to fiscal stimulus because of the timelines involved.
“Often it is modest, rapidly deliverable investments that can have the most immediate impact, particularly on the road network, but also in some places on the rail network.”