Peak Tunnel hope in Autumn Statement

If the Conservatives truly want an '˜economy that works for everyone' it's time to break out the chequebook and invest in infrastructure.

Thursday, 17th November 2016, 8:20 am
Updated Friday, 18th November 2016, 11:21 am
Sean Kemp, senior lecturer in banking and finance at Sheffield Business School

That’s the assessment of Sean Kemp, senior lecturer in banking and finance at Sheffield Business School.

The most likely beneficiaries are the energy and renewables sector, he believes, but the proposed Peak District tunnel could be back on the Chancellor’s agenda in the Autumn Statement, on Wednesday, November 23.

Mr Kemp said: “It will mark the new Chancellor’s first official address to the Houses of Parliament on the economy since George Osborne’s departure following the referendum.

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“He would have had the chance to report the economy had grown by 0.6 per cent, in sharp contrast to the doomsday predicted by some economists.

“However, the High Court ruling preventing the Prime Minister from triggering Article 50 without a parliamentary vote puts the whole Brexit timeline seriously at risk.

“This ruling alone presents a significant risk for the economy.

“Uncertainty and movements in the currency markets are likely to remain at an all-time high since the 2008 financial crash.

“Predictions of it slowing and going into recession mean the Chancellor will be keen to get us spending.

“There is also the US election to consider following Donald Trump’s shock victory. In the run up, Trump remarked the UK would be at the front of the queue to negotiate a trade deal.

“Closer ties could provide reassurance to companies that the UK is an attractive place to do business.”