Hunt announces £360m manufacturing R&D funding package in pre-budget growth push – business live

Rolling coverage of the latest economic and financial news Budget plans risk ‘second lost decade’ of living standards, Jeremy Hunt told Jeremy Hunt will try to talk a long game while scrambling to fund pre-election tax cuts The Treasury has been exploring every avenue in its attempt to find a way of putting more money in the pockets of consumers while sticking to its self-imposed rule to be cutting debt as a share of national income in five years’ time, our economics editor Larry Elliott write. But, experience suggests this strategy won’t work, he points out: For a start, the sums involved will be relatively modest. The size of Hunt’s net giveaway on Wednesday is likely to be a maximum of £10bn, which is small beer in the context of a £2.5tn-a-year economy. The package will be smaller than last November’s autumn statement, which made no difference to the Conservative party’s dire opinion poll ratings. “This investment is a strong commitment to Chippenham and our country. “Siemens Mobility’s Chippenham site, along with our 30 sites across the country, has been transforming rail, travel, and transport in Britain – and it will continue to do so with cloud-based rail technology connecting the real and the digital worlds, digitalizing rail.” Continue reading...