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<p>The Government established the National Productivity Investment Fund (NPIF) to
increase capital spending for areas critical for improving productivity. The NPIF
is now set to deliver £37bn of high-value investment to 2023/24 in economic infrastructure,
R&D, and housing.</p><p> </p><p>The Chancellor has set out how over £24bn of the
NPIF will be allocated. This includes:</p><ul><li><p>£740m for digital infrastructure,
to mobilise the market to develop full-fibre broadband networks and 5G capacity;</p></li><li><p>£7bn
extra for R&D by 2021-22 – the largest increase for 40 years – including £750m
for skills and talent (PhDs and fellowships), demonstrating progress towards the government’s
ambition of increasing the R&D intensity of the economy to 2.4% of GDP by 2027;</p></li><li><p>£6.5bn
for transport, including a £2.5bn Transforming Cities Fund, designed to drive productivity
by improving intra-city transport and reducing congestion;</p></li><li><p>£13bn for
housing, to build more homes in high demand locations so that people can live near
the best job opportunities for them.</p></li></ul>
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