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What does the Autumn Statement mean for growth and innovation?

Economy

         Autumn statement Big Ben

Chancellor Philip Hammond’s plan to encourage continued economic growth over the coming year will include awarding £1.8 billion to Local Enterprise Partnerships (LEPs) through a third round of Growth Deals – with the West of England set to receive £191 million.

The Chancellor also revealed that the Government remains committed to devolving powers to support local areas in an attempt to address widening productivity gaps between the capital and the rest of the country.

The West of England also looks set to benefit from the introduction of a National Productivity Investment Fund (NPIF) – a scheme which will look to fund science and innovation projects between 2017 and 2022 to the tune of £23 billion. Boasting a wealth of creative hubs specialising in technology and innovation – like the Bristol and Bath Science Park and the recently opened Future Space at the Bristol Robotics Laboratory – Hammond’s announcement is sure to fall on interested ears in the West of England.