Posts tagged House of Commons
Chancellor George Osborne is expected to announce tomorrow an extra £5bn of investment for capital projects in the construction industry that will boost the trades and create new jobs.
In the Autumn Statement, set to be announced tomorrow at 12:30 GMT in the House of Commons, the Chancellor will demand departmental savings of 1% next year and 2% in 2014/15 to raise extra cash for construction projects across the country.
The Statement provides an update on the Government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility. These forecasts are published alongside the Autumn Statement on 5 December.
At least £1bn of this is understood to have been earmarked to build an extra 100 new free schools and academies, but the move raises hope that there will be extra cash for housing as well as transport schemes.
Health, education, HM Revenue and Customs and nuclear decommissioning will escape his latest spending cut as well as frontline staff. Mostly savings will come from administration and back office staff.
Treasury sources say £1bn will go towards building 100 new free schools and academies, creating an additional 50,000 new school places.
The new cash for school will be in addition to the new PF2 schools programme that the industry has been eagerly awaiting, which will see £1.75bn spent on building and refurbishing 219 schools.
The government will not go ahead with a three pence-a-litre rise in fuel duty in August, Chancellor George Osborne has announced.
The move follows a campaign by road users’ groups, who argued the change, announced in the Budget, would damage the economy.
Fuel duty will be frozen for the rest of the year, the chancellor told MPs.
Labour had threatened to force a House of Commons vote on the issue.
Mr Osborne said the government was “doing everything we can in very, very difficult economic circumstances” to help businesses and consumers.
Chancellor of Exchequer, George Osborne, has revealed positive growth figures for the British economy up to 2016, unemployment to fall and the inflation rate to decrease, giving hope to millions of people out of work and boosting businesses across Britain.
The Chancellor said that the Office for Budget Responsibility has revised its forecast figures for growth with an increase of 2% for the next year. Budget 2012 has been described by the Chancellor as a budget rewarding work and encouraging economic growth.
Mr Osborne said that the government will provide funding to upgrade railway lines in the north of England and deal with the lack of airport capacity in the South-East which will create new jobs in the building construction sector.
The Chancellor said: “We want to look at the opportunities for increasing the role of private investment in the road network, learning lessons from the water industry.”
Significant news for the building sector, revealed today in Budget 2012, was the government’s commitment to provide an extra £100 million to improve accommodation for armed forces personnel’s families.
Ten Major UK cities are to receive £100 million to fund 100Mbps superfast broadband in areas where private sector would not normally reach. Those are Belfast, Birmingham, Bradford, Bristol, Cardiff, Edinburgh, Leeds, Manchester, Newcastle and London.
Talking about the renewable energy sector, Chancellor Osborne said that the government will continue with its commitment to support green energy initiatives in the future. However, Mr Osborne said the government will make sure it ensures the fiscal effectiveness of the renewable energy.
Chancellor Osborne said: “I also want to see investment in our world-leading energy sector including renewables,” saying that “renewable energy will play a crucial part in Britain’s energy mix but I will always be alert to the costs we’re asking families, business to bear.”
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The water giant has projected a cost of £7 million per mile to install the 6 ft in diameter pipe which will boost water supply to London and the South of England. United Utilities has made a rough estimate the project will cost £1.1 billion to build the pipeline from London to Birmingham and another £1.5 billion to complete the entire project from Birmingham to Leeds.
Sustainability Director of Thames Water, Richard Aylard, welcomed United Utilities’ plans to build a water pipe alongside the HS2. He said: “It’s well worth looking at and makes sense to do so as part of the HS2 project.” However, Mr Aylard questioned who would bear the cost of the project saying that the scheme is likely to affect water consumers paying higher bills.
The government recently backed the £32 billion investment for the high-speed railway which will create new jobs in the building construction sector, boost the economy and cut the journey time between London and Birmingham to 49 minutes.
United Utilities’ Chief Financial Officer, Russ Houlden, said that England is facing drought challenges and the HS2 is an opportunity to run a water pipeline between the North and South of England which will tackle concerns regarding water shortages in the future.
Mr Houlden said: “The current drought emphasises what we have known for some time – that there is more water available in the North than the South and that this issue will become more acute as climate change impacts hits us over the next 50 years. A North-South pipeline could be built to address that. Typically, the objections to such an idea have been build cost, operational cost, planning difficulties and environmental impact.
“HS2 offers a once-in-a-lifetime opportunity to minimise planning difficulties and environmental impact.” Mr Houlden added.
United Utilities is expected to present its proposals to the House of Commons Select Committee on the 7th March this year. Further details about the construction work and who might be running the scheme will be announced at a later date.
What is your opinion to the proposal of United Utilities to build a £2.6 billion pipeline along the HS2 high-speed rail line? Share your thoughts by leaving a comment below: