Autumn Statement
The Chancellor of the Exchequer presented his Autumn Statement to Parliament on Wednesday 22 November 2023. The key announcements relevant to the work of the Combined Authority include:
- Devolution: Level 4 Devolution Framework published. Devolved institutions with a directly elected leader that meet eligibility requirements will be able to draw down from this framework, which delivers deeper powers alongside new scrutiny expectations.
- Investment Zones and Freeports: Investment Zones programme extended from five to ten years; the duration of the tax reliefs available in Freeports extended from five to ten years to maximise the programme’s impact.
- Business Rates: The small business multiplier in England will be frozen in 2024-25 (4th consecutive year) and the current 75% relief for eligible Retail, Hospitality and Leisure properties is being extended for 2024-25.
- Expansion of Made Smarter Adoption (programme helping more manufacturing SMEs use advanced digital technologies), committing up to £16m in 2025-26 to offer the scheme to all English regions.
- Capital Allowances: Full expensing will be made permanent in the Autumn Finance Bill 2023.
- Innovation: £20m for a new cross-disciplinary proof-of-concept research funding scheme; and the extension of the British Business Bank’s Future Fund with £50m additional investment in the UK’s most promising R&D intensive companies.
- Advanced Manufacturing: £4.5bn to help unlock private investment in strategic manufacturing sectors, starting in 2025-26 and lasting for five years.
- Creative Industries: £2.1m of new funding to be provided next year for the British Film Commission and the British Film Institute Certification Unit, to support the production of film and high-end TV across the UK.
- Life Science: £520m for life sciences to build resilience for future health emergencies and capitalise on the UK’s R&D strengths.
- Skills: Support for plans to catalyse the growth sectors – committing £50m to deliver a two-year apprenticeships pilot to explore ways to stimulate training in growth sectors and address barriers to entry in high-value standards.
- Housing Supply: £110m will be made available through the Local Nutrient Mitigation Fund. This will support LPAs affected by nutrient neutrality rules to deliver high quality local nutrient offsetting schemes, unlocking up to 40,000 homes nationally over the next five years.
Local Nature Recovery Strategy
Local Nature Recovery Strategies (LNRS) were introduced in the Environment Act 2021 to:
- support efforts to recover nature across England;
- help planning authorities incorporate nature recovery objectives;
- support the delivery of Biodiversity Net Gain; and
- help deliver the governments national environment targets.
There are 48 strategy areas covering the whole of England and each LNRS will agree priorities for nature recovery and propose actions in the locations where it would make a particular contribution to achieving those priorities.
Tees Valley Combined Authority has been appointed as the Responsible Authority for preparing and publishing a LNRS for the Tees Valley and will work with other organisations and partners in the area to agree priorities for nature recovery in the region.
Details on the strategy development progress are available here: Tees Valley Local Nature Recovery Strategy – Business (teesvalley-ca.gov.uk)
Innovate UK (IUK) Local Action Plans
Place and Levelling Up is one of six foundations in IUK Plan for Action. To strengthen the innovation capability in Tees Valley and drive economic growth for the region and nationally, a co-created and jointly owned plan is being developed by IUK and Tees Valley Combined Authority, with involvement from partners across the regional and national innovation eco system.
The Local Plan will enable us to align the strategic objectives of Tees Valley and focus on the clusters and activities that are most important to Tees Valley, enabling us to connect national to local with a shared purpose to drive growth through innovation.