Chancellor Philip Hammond has pledged an extra £300m for rail investment in the Midland and North of England.
Speaking at the Conservative party conference in Manchester, he said a £300m investment in rail would “future-proof the railway network in the north, ensuring JS2 infrastructure can link up with future Northern Powerhouse and Midlands Rail projects while keeping open all options for services through Manchester Piccadilly”.
A further £100m has been committed for roads across the North of England will help to reduce traffic congestion in the region. Transport secretary Chris Grayling said earlier at conference that details of individual schemes would be announced in “due course”.
Hammond said the government was committed to the Northern Powerhouse. However, he did not commit to a timeframe or cash for HS3.
The chancellor used his speech to set out an economic alternative to Labour’s proposed state intervention and nationalisation, and outlined a defence of the free market. “A new generation is being tempted down a dangerous path,” he said. “We need to explain why the market economy works and the role of competition as consumers’ friend.”
The £10bn Help to Buy investment announced by prime minister Theresa May yesterday would support the “property owning democracy for the next generation”, he said. There were no further new announcements on housing in the chancellor’s speech.
Hammond said the economy was “fundamentally strong” with debt due to start falling next year. “The UK is a more competitive place to do business than it has ever been,” he said.
On Brexit, he said he respected the vote of the public, but that they didn’t vote to be poorer: “The future prize is great as long as it’s met with unity.”
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