Proposals invited as cash allocated for Transforming Cities fund
Chancellor of the Exchequer Philip Hammond revealed the next stage of the Transforming Cities Fund on March 13, in his spring Budget statement.
The fund allows England’s nonmayoral city regions to bid for part of a £1.7 billion pot to increase productivity and reduce roads congestion. They have been invited to submit proposals, and up to ten regions will then be selected to work with the Government to co-develop these proposals. The focus is on improving public and sustainable transport links to centres of employment.
The first £840 million of the fund has been allocated, with the West Midlands receiving £250m, Greater Manchester £243m, Liverpool £134m, the West of England £80m, Cambridge and Peterborough £74m, and Tees Valley £59m. Applications for the fund must be received by June 8.
Hammond also reaffirmed his backing for better transport on the Cambridge-Milton Keynes-Oxford corridor, with Rail Delivery Group Chief Executive Paul Plummer adding: “The railway is a unique asset for generating prosperity across Britain and investment will deliver new growth and productivity across the country. Working in partnership, we stand ready to play our part.”
Railway Industry Association Chief Executive Darren Caplan welcomed the statement, but encouraged the Chancellor to do more.
“Given transport infrastructure is vital for future economic growth, particularly in a post-Brexit world, we urge the Chancellor to also continue making the case for other essential projects, such as Northern Powerhouse Rail and Crossrail 2,” he said.
“As the recent economic research published by RIA and its members shows, rail is a key catalyst for growth, supporting 600,000 jobs and over £36bn GVA.
“For every £1 spent on rail, £2.20 is generated in the wider economy, benefiting jobs and growth well beyond rail. So, it is vital the Chancellor continues to support and invest in these major projects in future, to deliver economic growth, investment and connectivity benefits for the whole of the UK.”