Philip Hammond to announce £1bn digital infrastructure boost in Autumn Statement
Philip Hammond - Image credit: PA images
The Chancellor will announce an extra £1bn funding for digital infrastructure to help deliver faster broadband and mobile internet in tomorrow’s Autumn Statement.
Philip Hammond will say the investment could mean two million more businesses and households could receive “full-fibre” broadband, which the Treasury describes as the “gold standard” of internet connections.
That will be supported by a £400m contribution to the Digital Infrastructure Investment Fund to increase access to finance for smaller fibre broadband providers, with the UK Government expecting that figure to be matched by the private sector.
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Alongside that, the UK Government will announce £740m to support a programme of trials for 5G mobile connections and the rolling out of fibre broadband across the country.
It comes after Hammond and Prime Minister Theresa May pledged to put measures to improve productivity at the heart of the Chancellor’s first major fiscal event.
It has already been announced that he will unveil a £1.3bn package to improve roads in the UK, while Mrs May said yesterday the UK Government would contribute an extra £2bn per year to research and development by 2020.