The Chancellor’s announcement of cuts across the UK is bad news for many people but the Comprehensive Spending Review brings some reassurance and benefits to the North West.
Some key benefits for the North West include sharing a pot of money worth £1bn from the Green Investment Bank. The region currently has seven windfarms either in operation, under construction or has been approved for development.
George Osborne also reaffirms Treasury funding commitment for the electrification of the Manchester – Liverpool rail route with Preston and Blackpool rail users reaping the benefits despite expected higher than inflation rise in train fares.
A £4bn increase in the education budget will be welcome news for schools in Preston and the wider Lancashire area but it is unclear to what extent if or how schools will directly benefit from the additional education funding.
Young people who are not in Education, Employment or Training are also set to benefit from the Spending Review. The Coalition announces an increase in funding in participation in education and training. The investment will help 7.3% of 16-18 year olds in our region.
And 1.3 million pensioners will see a boost to their Basic State Pension by April 2011 and 500,000 families in the North West are set to gain from above indexation rises to Child Tax Credits.