But lack of significant new cash for infrastructure

Chancellor Philip Hammond has announced extra funding for schools and an overhaul of technical education, in a Budget short on new cash for the construction sector.

The government committed to opening an additional 110 free schools - with the option of allowing selective admissions - as trailed, and also unveiled an additional 拢216m for improving existing schools.

Hammond also confirmed an overhaul of technical education, including the launch of new 鈥楾-levels鈥� for 16-19 year-olds, to 鈥渆stablish parity of esteem between academic and technical education鈥�.

The government will invest 拢500m a year into technical education, ramp up training via technical routes to 900 hours - a 50% increase - and slash the 13,000 or so technical courses currently available to 15. Technical students will have access to student loans, like students at university.

There were also changes to growth forecasts, with the OBR upgrading its forecasts for growth for next year from 1.4% to 2%

In 2018 growth will slow to 1.6%, before picking up to 1.7% in 2019, 1.9% in 2020, and 2% in 2021. Previous forecasts were 1.4% for 2017, 1.7% for 2018, 2.1% in 2019, 2.1% in 2020 and 2% in 2021.

Other announcements included:

  • More devolved powers for the Mayor of London
  • 拢90m for the North and 拢20m for the Midlands to tackle 鈥減inch points鈥� on the national road network
  • Launching 拢690m competition to tackle urban congestion
  • Midlands Engine strategy to be launched tomorrow
  • 拢350m extra funding for Scotland, 拢200m extra for Wales and 拢100m extra for Northern Ireland
  • Hammond says Treasury to raise an extra 拢145m by 2021-22 through a national insurance tax rise for the self-employed
  • Business rates system on properties to be reformed. In the meantime, a 拢435m package of rate cuts targeted at small businesses and pubs

 

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