Chancellor Philip Hammond has announced a new National Productivity Investment Fund of £23 billion to be spent on innovation and infrastructure over next five years.
Setting out his first Autumn Statement, Mr Hammond said the fund will "directly contribute" to raising Britain's productivity.
The new funding commitments include an additional £1.1bn of investment in English local transport networks.
Details of allocation are yet to emerge - so it is not yet clear how the West Country will actually benefit, and no guarantees that this extra funding will come our way.
However, a hint dropped by the Prime Minister to a South West MP could mean that the West Country is likely to receive more support for its rail infrastructure.
It was a timely announcement - the region is still suffering from a 48 hour disruption on the trains to and from the South West after a spate of bad weather caused flooding and debris on rail routes.
The Chancellor has promised to invest over £1 billion pounds in the country's digital infrastructure.
In his Autumn Statement, Phillip Hammond pledged to sustain the effort to rollout faster broadband.
If it goes ahead, it will be welcome news for the West Country - where many homes, businesses and whole communities face daily frustrations from a lack of a decent internet connection
The news was welcomed by MPs from across the region:
Incentive to accelerate superfast broadband - 5yr 100% rate relief on new fibre infrastructure. Great move - should benefit all areas of UK
The Prime Minister has given a strong nod to a West Country MP that there will be transport improvements for the South West announced in the Autumn Statement.
You can hear her answer to Kevin Foster, MP for Torbay, here:
I suggest that he is a little more patient and listens very carefully [in the Chancellor's Autumn statement.]
Chancellor Philip Hammond has said his first Autumn Statement "is focused on preparing and supporting the economy as we begin writing a new chapter in our country's history".
He sent out a tweet shortly before leaving 11 Downing Street to head to the House of Commons.
My #AutumnStatement today is focused on preparing & supporting the economy as we begin writing a new chapter in our country’s history
Mr Hammond will deliver the Statement after Prime Minister's Questions.
- Watch the Autumn Statement live on our Facebook page from 12.30pm.
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