The UK’s Chancellor of the Exchequer, Philip Hammond MP, delivered the UK Autumn Budget last week and, although many of the spending packages had already been announced before Budget day, Irish suppliers looking for public procurement opportunities in the UK should be paying attention.
We have highlighted some of the key Autumn Budget 2018 figures below.
During the summer, the Prime Minister announced that the government has pledged to increase healthcare funding by £20.5 billion after inflation by 2023-24. Mr Hammond acknowledged this within the Autumn Budget announcement stating that the money invested in the NHS will go to the front line and to improvements in services.
Although the UK is “investing record amounts” in schools, education was also high on Philip Hammond’s list as the sector will receive a £400 million boost. During the announcement he said that:
“Investment is paying off with 86% of schools now rated good or outstanding, compared to 68% in 2010.”
The £400 million in-year bonus is designed to help schools “buy the little extras they need”. Primary schools across England will receive on average £10,000 each, while the average secondary school will receive £50,000.
Mr Hammond promised a further £500 million for the Housing Infrastructure Fund. This will “unlock 650,000 homes”.
Other housing announcements included that the UK government has partnered with nine housing associations, with the intention to deliver 13,000 homes across England.
Philip Hammond announced that an additional £1 billion will be allocated to the UK defence budget for the remainder of this year and next. This will boost Britain’s cyber and anti-submarine warfare capabilities.
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