The Government has released details of its £500 billion infrastructure investment pipeline which includes major projects such as the Thames Tideway Tunnel and upgrading the A14.
Chief executive to the Treasury 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 Government has today (5 December) published a new National Infrastructure and Construction Pipeline, setting out over £500bn worth of planned private and public investment over this Parliament and beyond.
The pipeline which is being published by the government’s Infrastructure and Projects Authority, comes hot on the heels of the Chancellor’s Autumn Statement announcement of the new £23 billion National Productivity Investment Fund (NPIF).
This new 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.
In a statement, the Treasury said: “If the UK raised its productivity by one percentage point every year, within a decade it would add £240bn to the size of the economy; £9,000 for every household in Britain.
“Investing in better infrastructure is at the heart of the Government’s ambitious plans to close the UK’s productivity gap. 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 has also today published a new Funding and Finance Supplement to help attract further private sector investment into some of the UK’s most important infrastructure projects.
The statement continued: “This record planned investment sends a clear signal that Government is working successfully with private investors to unlock the vital infrastructure that modern Britain needs. It also provides a single source of data for both government and the private sector, giving greater certainty for investors and the supply chain and helping to better forecast future skills.”
The new National Infrastructure and Construction Pipeline contains:
- Over £500 billion of planned investment, with over £300 billion of this to be invested by 2020/21;
- Over 720 projects and programmes across transport, housing and digital
- Around 20 new schemes have been added to the pipeline since March 2016, including the Oxford to Cambridge Expressway.
Chief executive of the Infrastructure and Projects Authority (IPA), Tony Meggs:
“Creating the IPA has enabled us to produce a more comprehensive pipeline. Having the visibility and certainty of a pipeline of construction and infrastructure investment allows industry to invest strategically for the market, not just tactically for the project.
“We will continue this comprehensive approach, working with industry to deliver the pipeline.
“It is an important step in the IPA’s mission to deliver important infrastructure projects successfully, so we can raise people’s living standards, boost our productivity and grow our economy.”
Nick Baveystock, director general of the Institution of Civil Engineers (ICE) said: “Infrastructure services enable balanced economic growth and thriving communities.
“This updated National Infrastructure and Construction Pipeline sets out the value of infrastructure to the economy and provides long term visibility to industry.
“ICE welcomes the government’s commitment to infrastructure delivery and a more strategic approach to addressing the UK’s infrastructure needs.”
Chief executive of the Civil Engineering Contractors Association (CECA) Alasdair Reisner said: “CECA welcomes the publication of the latest version of the pipeline, which provides much-needed visibility of forward work for our members.
“If the UK infrastructure sector is to plan for the investment in skills and innovation that will be required to deliver world-class infrastructure in the coming years, it is essential that companies are able to strategically allocate funding on a basis of projected need. The infrastructure pipeline is a crucial tool that enables companies to plan ahead and deliver optimal outcomes for clients, taxpayers, and communities.
“The pipeline of projects now contains schemes worth half a trillion pounds of investment that will drive economic and social growth across the country for years to come. CECA members look forward to rising to the challenge of delivering this work and securing the economy, for the benefits of businesses, communities, and taxpayers throughout England, Scotland and Wales.”