Budget latest: Chancellor also announces 拢140m boost to flood repairs spending and 拢200m for potholes
George Osborne has confirmed a 拢270m guarantee for the Mersey Gateway Bridge project and announced a boost for local infrastructure projects around the country, with an additional 拢140m for flood repairs and maintenance and 拢200m for potholes.
In a Budget statement that was light on major infrastructure announcements, the chancellor confirmed the government would use its balance sheet to back the Mersey Gateway Bridge project, with a 拢270m guarantee through the UK Guarantees scheme.
The Treasury said the 拢200m 鈥減otholes challenge fund鈥� would allow local authorities to bid for funding to repair up to 3.2 million potholes following the recent severe weather.
He said the 拢140m in funding to repair and restore the condition of flood defences that have suffered damage in the recent flooding. The Treasury said the funding would be made available immediately, and was additional to previously announced spending boosts.
Other measures included:
- new legislation to give new tax and borrowing powers to the Welsh Government to fund infrastructure, with work now ready to start on improvements to the M4 in South Wales
- Confirmation of a 鈥淕ain Share deal鈥� with 鈥℅reater Cambridge, providing 拢100m over the 5 years to 2019-20 to fund local infrastructure. The Treasury said the agreement could be worth up to 拢500m over 15-20 years, dependent on the economic impact of their investments.
- 拢20m for a grant scheme for repairs to cathedrals in recognition of their heritage significance and role in forthcoming remembrance activities to commemorate the First World War
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