The Spring Budget set out the government’s strategy to “prepare Britain for a brighter, global future” as we take steps to leave the EU. There were several positive announcements made by the Chancellor for Oxfordshire businesses to support the development of the county’s core strengths in order to increase productivity and build the foundations for a stronger Britain.

The Chancellor gave further detail on the National Productivity Investment Fund (NPIF), which was first announced in the last Autumn Statement. This fund is particularly relevant for Oxfordshire businesses as it offers the potential for us to develop our strengths in R&D, science and technology. Philip Hammond announced a £270m investment to put the UK "at the forefront" of disruptive technologies, including robotics, biotech and electric and driverless vehicle systems. To aid digital connectivity for local businesses, £200m of the NPIF was allocated to support local full-fibre broadband network projects and bring in further private sector investment, and a further £16m will go towards creating a 5G hub to trial the forthcoming mobile data technology.        

Further detail on investment in infrastructure to improve traffic flows was also announced. A major local funding boost to tackle congestion came in the form of a £690m competitive fund for English councils to get local networks moving - £490m of this will be made available by early autumn 2017. A further £90m will be allocated to the North and more than £23m for the Midlands from a £220m fund to reduce congestion at recognised ‘pinch points’ on national roads.

Very welcome news was the Chancellor’s focus on equipping the workforce of the future to enable businesses to continue to thrive and grow. Developing technical skills amongst employees is a key priority and £500m investment in 16-19 year olds was announced. This includes the introduction of new T-Levels to streamline current technical qualifications and give clarity for employers and students in line with academic A-level systems. The number of hours of training for technical students aged 16 to 19 will be increased by more than 50%, including a high quality, three month work placement. There will also be financial support available for those going on to further technical study, mirroring the funds available to higher education students in academic subjects. A particular boost to the county’s scientific and technology companies, the Budget also allocated £300m to “support the brightest and the best research talent” through 1,000 new PhD places and fellowships in STEM (science, technology, engineering and maths) subjects.

Recognising the important role that experienced employees play in businesses, £40m of investment will go into pilot schemes around the UK to explore the best routes for lifelong learning and the skills development required to enable businesses to remain competitive in future. A further £5m of funding and the extension of hours for free childcare will support people returning to work after a career break.

Small businesses are the lifeblood of our local economy and many Oxfordshire businesses are thriving examples of innovation and entrepreneurial spirit. The Chancellor allocated £435m for firms affected by increases in business rates, including capping rates at £50 a month for companies losing existing relief, and a £300m fund for those worst hit to be administered by local authorities. These measures should go some way towards boosting Oxfordshire SMEs, although changes to NI contributions will affect some self-employed people.

The measures announced in the Budget will add to two important pieces of investment we announced earlier this year. Rural companies in Oxfordshire can apply for a share of the new £2.5m Agricultural Fund for Rural Development (EAFRD) being made available to grow businesses and generate jobs in rural communities. In addition, new and existing businesses across the county are offered growth and start-up grants as well as free training workshops and advice from our business support team to help start and grow your company.  If you’d like more information on how OxLEP can help your business visit: http://www.oxfordshirelep.org.uk/