Although there were no headline grabbing stories in this year's Budget for the regions, the Chancellor of the Exchequer did highlight a variety of key developments that will directly affect the North East.
Kevin Bell, Transport Partner, explains what the announcements meant for transport in the region:
"It is pleasing to see the continual support from the government for the devolution agenda for the North East's transport sector. In particular, the additional £16.5 million for the Tees Valley through the Transforming Cities Fund to improve intercity transport across the region, along with a £90 million investment to conduct research for new forms of travel including demand responsive buses. With the region requiring faster and more frequent trains, it's great to see a further investment of up to £37 million to support the development of the Northern Powerhouse Rail."
Ben Butler, Corporate Partner, provides his thoughts on Hammond's announcement in relation to the Northern Powerhouse and Industrial Strategy:
"It was good to hear that the government has committed to proceed with ongoing funding of the Northern Powerhouse and Industrial Strategy, which touches a range of sectors in the North East including technology, industrials and manufacturing. From a transactional perspective it was great to see that Entrepreneurs' Relief has survived, albeit with some significant changes, as this is a key tax relief for owner-managed business transactions."