Chancellor gives preview of Spring Statement

Chancellor gives preview of Spring Statement

HM Treasury has revealed the Spring Statement will contain plans to make sure the UK is at the forefront of science and technology innovation.

On Wednesday (March 13) chancellor Philip Hammond will pledge to invest £200m in cutting-edge genetic research in Cambridge, state-of-the-art lasers in Oxfordshire and a supercomputer in Edinburgh.

The cash comes from existing departmental funding and the National Productivity Investment Fund. 

Speaking ahead of the Spring Statement, Mr Hammond said the UK wants to retain pole position as it leaves the European Union and the announcements he will make on Wednesday will ensure the nation maintains "our competitive advantage."

He said: "The UK's scientific research is worth £36bn and is at the cutting-edge of international innovation and discovery.

"These investments will support innovators across the country to make the breakthroughs that will push biotechnology, medicine, science and aerospace forward."

The chancellor will also confirm in the Spring Statement that the government will explore how it can future-proof new homes ensuring they are energy efficient, have lower energy bills and are better for the environment.

No sneak peaks of what the Spring Statement may contain relating to pensions, mortgages, insurance, investment or taxation have been delivered by HM Treasury.

Last year Mr Hammond promised twice a year tax tinkering was a thing of the past when he unveiled his first Spring Statement.