It appears that Owen Paterson has announced a reversal on the position of the capital cuts and now apparently we can cash the capital spending cheque agreed as part of the St Andrews Agreeement package. Caution makes me want to see the detail, you always do when the Treasury is involved. However, this does appear to be genuinely good news. Capital cuts are the easiest but not the most strategic. It will help us address the infrastructural underinvestment that dogs our economic development as well as help the construction sector through the tough years ahead.
However, two challenges remain. If it has been secured then we must ensure it gets spent. Furthermore, this does not solve the revenue spending problems.
UPDATE It doesn't bode too well on the details when it appears that the figures the NIO released are wrong. Some claim it increased the spend by £800 million more than had been spent.
UPDATE It doesn't bode too well on the details when it appears that the figures the NIO released are wrong. Some claim it increased the spend by £800 million more than had been spent.
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