What Microsoft 365 Apps for Business Come Included?
Having received numerous calls from UK businesses to improve the digital economy, Phillip Hammond has finally decided to back a £400million digital infrastructure fund with Treasury experts claiming this will be matched by private sector investors.
He will also use the Autumn statement to offer local authorities the opportunity to bid on a slice of a £740million fund which will be used to trial superfast 5G mobile networks – something that the Chancellor believes the UK is falling behind with when compared to other developed nations like Japan, China and France.
As part of his efforts to reinvigorate the UK's infrastructure, this investment in faster broadband comes hand in hand with a further £1.3billion for maintenance and improvements to the road network.
The Treasury wants businesses to be “well placed to exploit the opportunities arising from 5G and future digital services,” according to a source. It expects smaller broadband operators to borrow from the digital infrastructure fund to compete with BT, Virgin and Sky for customers who need faster connection speeds and capacity.
The UK already has one of the world's most comprehensive digital networks according to the Organisation for Economic Cooperation and Development (OECD). That said, it also comes in as one of the most expensive for both consumers and businesses.
More businesses are connected in Spain, France, the Netherlands and Germany than the UK, according to OECD figures, though it is not known whether the cost of a monthly connection is a deterrent.
The fund could increase to nearer £1.5billion over the life of the project once private sector funds are confirmed, with its planned run to last until 2021.
