The 2010 Spending Review

(20/10/10)

The Chancellor, George Osborne, confirmed the measures announced in the Emergency Budget in June 2010, and set out his plans for investment in economic growth and employment, as well as: transport infrastructure; the low-carbon economy; national security; science; education and skills.

Adult Apprenticeships

Spending on new adult apprenticeships will be increased by £250 million a year by 2014/15.

Transport Infrastructure

There will be significant investment in local and regional transport infrastructure including: £14 billion of funding to Network Rail to support maintenance and investment; over £10 billion for maintenance and investment in key road and local transport schemes; Crossrail to go ahead; and £6 billion of capital expenditure for the London Underground network.

Bank Levy

A new permanent bank levy will be introduced. Further announcements will follow, with final legislation to be announced by the end of the year.

Pensionable Age

The State Pension Age will increase to 66 for both men and women from December 2018 to April 2020. Further increases to the State Pension Age will be considered.

Low Carbon Economy

Measures will be introduced to encourage businesses to transition to the low carbon economy. £1 billion of funding to capitalise a UK-wide Green Investment Bank to fund low-carbon infrastructure and technologies.

Broadband

The Government will incentivise the roll-out of broadband into areas where the private sector would not otherwise reach.

Regional growth

The Regional Growth Fund has been increased to £1.4 billion (from £1 billion announced in the June Budget). Local Enterprise Partnerships will provide strategic leadership in their areas - further details will be published in due course.