Chris Hearld, KPMG’s North region chair, comments on the Chancellor's £1.7bn pledge to create a new Transforming Cities Fund.
Commenting on the announcement that the Chancellor has pledged £1.7bn to create a new Transforming Cities Fund, Chris Hearld, KPMG’s North region chair, said:
“Investment in infrastructure has long been the foundation upon which the growth of our regional cities, and improvements in our productivity, is built.
“That half of the new Transforming Cities Fund is to be shared amongst those cities with metro mayors is good news for the two thirds of the Northern Powerhouse that have secured devolution deals.
“Indeed, it’s particularly pleasing to see the massive strides that are taking place in the North East which will be no doubt buoyed by pledges of investment in the Tyne and Wear Metro and the former Redcar steelworks site.
“However, once again the people of Yorkshire are left counting the cost of their region not being able to get its devolution act together. Being left to compete for its share of investment against the rest of the UK must surely increase the risk of it becoming a straggler in the race for economic growth.”
Follow us on twitter: @kpmguk #AutumnBudget
For further information please contact:
KPMG Press office
Tel: +44 (0) 207 694 8773
Katy Broomhead KPMG Corporate Communications
Mobile: 07824 537963
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.