Briefing 41: Budget 2016

 

Billed as a Budget ‘for the next generation’, the Chancellor used the limited room he had for manoeuvre given economic trends and the Government’s commitment to its deficit-reduction plans to set out a Budget with a focus on business tax reform, devolution, infrastructure, education and savings. The Government reaffirmed its commitment to the Northern Powerhouse with a number of investments announced on improving transport in the North and the development of a new schools strategy for the Northern Powerhouse.

For Greater Manchester a raft of measures were agreed as part of its fourth devolution deal, including Greater Manchester becoming a pilot for the approach to 100% business rates retention, the creation of a Life Chances Investment Fund to increase investment in innovative approaches to delivering public resources, the creation of a Single Pot for investment in economic growth, and a greater role in the delivery of criminal justice services.

An analysis of the key points of Budget 2016 and how it affects Greater Manchester.