Autumn Statement Implications
To receive a verbal update following the Autumn Statement from the Chancellor of the Exchequer on 25 November 2015.
Minutes:
In response to the statement of the Chancellor of the Exchequer on 25 November 2015 it was explained that full details of how round 3 of Local Growth Funding would operate, and that the some or all might be restricted to specific regions, the bidding process shortened, or possibly allocation tied to local devolution deals. Full details would be available before the end of 2015, but £12 Billion total across all the funding rounds had been confirmed, meaning a total of £4 Billion currently remained unallocated.
In response to queries on the implications of the statement it was explained that some proposals had already been identified as potential bids once the details of the process was confirmed, and that the application for creation of an Enterprise Zone in Wiltshire and Swindon had not been accepted. Full feedback would follow, but it was stated due to the requirement for multiple sites and sectors, the application may have been considered more complicated than some others.
Resolved:
To note the update.