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.
Raising productivity is essential for the high-wage, high-skill economy that will deliver higher living standards for working people.
The new funding commitments include:
- New research, development and innovation investment rising to an extra £2bn per year by 20-21
- £2.3bn Housing Infrastructure Fund to deliver infrastructure for up to 100,000 new homes in areas of high demand
- A further £1.4bn to deliver 40,000 additional affordable homes
- An additional £1.1bn of investment in English local transport networks
Mr Hammond also announced a programme of major road schemes in the north as part of a strategy for "addressing productivity barriers in the Northern Powerhouse".
Regional investments will include:
- £1.8bn from the Local Growth Fund to the English regions
- 556m to Local Enterprise Partnerships in the North of England
- £542m to the Midlands and East of England
- £683m to LEPs in the South West, South East and London
The Chancellor announced one significant tax rise in his Autumn Statement which some may see as a little bit sneaky.
The Chancellor said his first, and now last, Autumn address was for a new chapter in the UK's history but forecasts present a bleak future.
The Chancellor said his Autumn Statement gives "help to those who need it now". But those in the struggling social care system may disagree.