Member

This funding is substantial, marking a 2.4 times real-terms increase in spending on city region connectivity, funding the priorities that matter to hard-working people across the country. These announcements were made possible today only because at the Autumn Budget 2024 the Chancellor took the necessary action to reform the fiscal rules to improve stability after years of chaos from the Conservative party, and to unlock investment. This means the Government can now provide greater investment in Britain’s economic revival as, for the first time, the Treasury takes account of the value of financial assets and not just the costs of investment. That has enabled us to increase investment by over £113 billion more than the previous Conservative Government, while keeping debt on a sustainable path—made possible only by the credibility of our fiscal rules, which require day-to-day spending to be funded with revenue.