UK’s infrastructure spending to hit record high
Dec 08, 2016 – The UK government has unveiled details of its £500bn-plus infrastructure investment pipeline.
The new National Infrastructure and Construction Pipeline includes more than 720 projects and programmes across the transport, housing and digital sectors to improve the nation’s infrastructure. Around 20 new schemes have been added to the pipeline since March 2016, including the Oxford to Cambridge Expressway.
“Today’s pipeline is the largest and most comprehensive ever, with private finance making up more than half of the pipeline to 2020/21, and will help deliver important local projects across the country including transport, broadband, flood defence, and housing,” the government said in a statement.
Over £300bn of the planned investment will be invested by 2020/21.
Treasury’s chief secretary David Gauke said: “This record infrastructure pipeline is set to make a real difference to people’s lives from quicker and easier journeys, to better broadband access, and building more homes for people who need them in high demand areas.
“It is clear proof that we are absolutely committed to ensure our infrastructure is fit for the future, which is at the heart of our ambitious plans to close the UK’s productivity gap and build a fair economy for everyone.
“It builds on our strong record of delivering the modern infrastructure this country needs for the twenty-first century.”
The pipeline follows the Chancellor’s Autumn Statement announcement of the new £23bn National Productivity Investment Fund.
The fund includes infrastructure investments of over £2.6bn to improve transport networks, a multi-million pound package to accelerate the future of broadband, and £7.2bn to support the construction of new homes.