Unlocking investment for improved road and rail services life sciences and green economy in Kent will be key to unlocking future UK growth

Locate in Kent, the inward investment agency for Kent and Medway has commented on today’s budget including commitments to spend billions of pounds on sectors key to the future of both the UK and the region’s economy.

Nick Fenton, CEO Locate in Kent, said: “Inward investment to support the UK economic is critical if the government is to deliver on its commitment to attracting more investment into Britain and we were looking to this budget to see how we can support overseas investment into the UK and business success for those already here. Kent and Medway has a major role to play in that.

“Today, the government committed to investing £100bn in capital investment over the next five years, making Britain a clean energy superpower, creating an industrial strategy and committing over £20 billion pounds toward research and development to unlock the growth industries of the future. That is all to be welcomed.

“In terms of capital spending, we hope that the government will recognise the contribution that Kent and Medway make to the UK economy through supporting investment in the county. This should progress towards increasing the capacity of the M2, action to restore international rail services through the county and giving the go-ahead to the Lower Thames Crossing.

“Kent and Medway, as a region, has outperformed the UK economy over the past year for many reasons including our strategic location, being close to London and at the gateway to Europe. We also need to take care to ensure we support business growth and innovation, without adding undue costs and it will be interesting to see the impact of today’s tax changes, in the round, on levels of employment and future growth.

“From life sciences to green technology, Kent and Medway is making a significant contribution to the UK economy. To deliver on this budget, the government needs to support the regions in attracting investment, building on the innovation already taking place and deliver for the long-term.

“We welcome the recognition of the importance of these key sectors to the economy by the government, including the £520 million for a new life science innovation manufacturing fund and the £6.1 bn to protect core research funding for areas like engineering, biotech and medical science.  These are areas where the Kent and Medway region is already leaving its mark on the world’s stage and bodes well for the future.”