£400M pledged in support of the Northern Powerhouse, says Chancellor

The Chancellor of the Exchequer, Philip Hammond, has reaffirmed his government’s commitment to the Northern Powerhouse, following the announcement of £400M in additional funding.

Of that amount, £300M will go towards future-proofing rail provision in the North, with the remainder allocated to 33 road improvement programmes – ten in the North East, thirteen in the North West and ten throughout Yorkshire and Humber.

It’s not just the North that’s set to benefit either. According to the Chancellor, the East Midlands – most notably Leicester – will also reap the rewards of a better connected Britain, as high-speed infrastructure links up with Northern Powerhouse Rail and Midlands Connect.

For rail-goers this means quicker and more reliable services between the cities of the North – Sheffield, Liverpool, Manchester, Leeds and York – the East Midlands and London.

The Chancellor made his announcement during the annual Conservative Party Conference, this year held in Manchester. It’s a clear endorsement of high-value infrastructure projects, which are seen as key drivers for economic growth post-Brexit.

Speaking of which, Mr Hammond described the UK economy as “fundamentally strong”, citing record levels of employment and an apparent decrease in income inequality.

While anxieties over Brexit persist, productivity wanes and the housing market falters as first time buyers bemoan a system they feel is “rigged” against them, the Chancellor stressed that free markets were the only way to ensure a meaningful increasing in living standards.

His sentiments echoed those of the Prime Minister, Theresa May. Earlier in the week, Ms May unveiled a £10Bn boost for the Help to Buy scheme, which will enable a further 135,000 first time buyers to reach the first rung of the property ladder.

The move is widely considered an attempt to win over younger voters who feel dispirited by the housing market. Whether or not the measure will prove successful in wooing the disenfranchised remains to be seen however.

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