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Budget 2021 | PwC comments on Spending Review - "a seemingly generous funding allocation"

27/10/21

Rachel Taylor, Economic and Business Affairs Leader at PwC, said:

“The Chancellor has seemingly committed a generous funding allocation to public services, which compares positively to previous Spending Reviews in 2010 and 2015.

“While the overall spending envelope provides a 3.8% increase each year in real terms, this includes substantial funding for health, schools and defence, which has already been allocated. Given the impact of the pandemic and the real term funding cuts that preceded it, some departments will argue that today's settlement may be insufficient to deliver on the commitment to ‘world class public services’.

“Our research has shown a consistent call from the public for a greater emphasis on skills and jobs; quality, affordable homes, as well as vibrant town and city centres. With investment in skills for green jobs, improved local transport links and increased housing supply, the Government has looked to address these priorities through this Budget and Spending Review. 

“Government funding is welcome but financial investment alone is not enough. To deliver a sustainable economy and to ensure that investment decisions bring the desired results in terms of levelling up, net zero and skills for the future, close collaboration between employers across industries and sectors and the government is critical.”

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Richard Pain

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