Autumn Statement: Government set to invest up to £15bn in infrastructure - Sky News

Local road schemes could get the go-ahead as the Chancellor seeks to steady the economy © Copyright Julian P Guffogg and licensed for reuse under the Creative Commons Licence.

Local road schemes could get the go-ahead as the Chancellor seeks to steady the economy © Copyright Julian P Guffogg and licensed for reuse under the Creative Commons Licence.

The Chancellor Philip Hammond plans to announce £15bn for "ready-to-go" projects in next week's Autumn Statement in a bid to stimulate local economies ahead of the Government triggering the start of the process of leaving the European Union, according to Sky News today.

Sky News said it understands Hammond "has earmarked several billions for various schemes and could spend up to £15bn on infrastructure overall" with a focus on "projects that are read to go and can stimulate local areas in the next couple of years as Britain prepares for Brexit". It suggests the Stubbington bypass in Fareham, which requires £25m in Government support, is one such scheme, which could raise hopes that local transport schemes will benefit.

The Confederation of British Industry had urged £6bn of infrastructure investment in the Autumn Statement. The Resolution Foundation has agued that Hammond has scope to invest £31bn in infrastructure this Parliament whilst still bearing down on the current spending deficit, and bringing the U.K closer to the OECD-recommended level of infrastructure spending.

The FT claims Hammond will announce Treasury-backed bonds to lever in more private investment for infrastructure, perhaps recognition Hammond only plans to go so far with public investment.