Budget 2024: What does it mean for the South East?
The Chancellor has set out her 2024 Autumn Budget, promising to 'fix the foundations and deliver change' for the South East.Rachel Reeves says the Government will be investing in the region’s future economic growth, with improvements to public transport, infrastructure and construction.
Towns and cities
Gosport will continue to benefit from the £18 million invested through the Levelling Up Fund to transform its waterfront.
The funding which was announced back in 2023, will be used to create better connections and walking routes between Gosport town centre and the historic waterfront.
It will also support the restoration and development of the former naval Rum Store at Royal Clarence Yard.
Cllr Peter Chegwyn, Leader of the Council, said: "The Reconnecting Historic Gosport Waterfront project will help to drive the economy of the borough and create a place for local people to be proud of.
"It's also a great catalyst for wider redevelopment and regeneration in Gosport; this includes the redevelopment of the old bus station site and our plans for a new cinema and live entertainment venue in the former Criterion cinema.
"This £18 million will help bring new life into Gosport."
The Oxford-Milton Keynes-Cambridge arc will benefit from a package of support, including ongoing funding for Cambridge Growth Company and the Cambridge Biomedical Campus expansion.
TransportThe South East will benefit from confirmed funding to East West Rail, with the first services beginning operations next year.
They will run between Oxford, Bletchley and Milton Keynes.
Ms Reeves said it will 'unlock land for housing and laboratories across the region, supporting the world leading life sciences economy in the corridor.'
£640 million of investment has also been earmarked for local Bus Service Improvement Plans across England, to support locally-led initiatives to improve local bus services.
However, some of the south's most controversial road schemes will be scrapped.
The M27 Junction 8 scheme which aimed to improve the route into Southampton from the motorway, whilst reducing congestion and improve journey times has been abandoned.
Rachel Reeves said: "As part of the government’s commitment to growth, it will take difficult decisions where there is not a clear value for money case to invest.
"After a review the Transport Secretary has decided not to progress with the following unfunded and unaffordable road schemes on the strategic road network: M27 J8 Southampton.
The A27 Arundel bypass has also been scrapped completely as the Government attempts to plug a £22 billion hole in the public finances.
The decision was made despite the Highways Agency saying the bypass would cut journey times by 11 minutes - and remove one of the South's biggest bottlenecks.
A new £1.7 billion tunnel under the Stonehenge monument on the A303 has also been scrapped.
Jobs and Construction
Gravesham in Kent will benefit from funding committed to hydrogen production projects.
The Government says funding for the first electrolytic hydrogen production projects will unlock more than £400 million of private investment between 2024-26 and create over 700 direct jobs during construction and operation.
Solent will continue to benefit from private sector investment brought in by its Freeport.
The Chancellor confirmed the South East is receiving £54.1 million through the 6-month extension to the Household Support Fund to March 2025.
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