George Osborne commits to £100bn of UK infrastructure spending by 2020
Chancellor George Osborne has committed to £100 billion of spending for new roads, rail, flood defences and other vital UK projects during this Parliament.
Launching the new National Infrastructure Commission, led by former Cabinet minister Lord Adonis, the Chancellor said that infrastructure will be at the heart of next month’s Spending Review.
A suite of asset sales which the Treasury expects to raise billions of pounds is being identified to be ploughed back into infrastructure projects, with more details to be announced at the Spending Review.
The Chancellor also confirmed the group who will make up the independent National Infrastructure Commission – the new independent body that has been set up to determine Britain’s infrastructure priorities and hold governments to account for their delivery.
The commissioners are:
The commission will produce a report at the start of each five-year Parliament, offering recommendations for priority infrastructure projects.
Its initial focus will be in three key areas. These are:
The Chancellor said: “Infrastructure isn’t some obscure concept – it’s about people’s lives, economic security and the sort of country we want to live in. That’s why I am determined to shake Britain out of its inertia on infrastructure and end the situation where we trail our rivals when it comes to building everything from the housing to the power stations that our children will need.
“This is about jobs, growth, living standards and ensuring Britain is fit for the future. We must be the builders. At the Spending Review, I will commit to investing £100bn in infrastructure over the next five years and we are creating an independent commission to give us a long-term, unbiased analysis of the country’s major infrastructure needs.
“We need to think long-term and deliver a cross-party consensus on what we need to build. I am delighted Andrew Adonis and this world-class group of experts have agreed to come together on the National Infrastructure Commission to help us do that.”
Lord Adonis said: “For Britain to get on with the job of delivering high-quality infrastructure that benefits everyone, you need more than just a commitment to invest – you need long term forward plans and the maximum possible consensus.
“That is what the National Infrastructure Commission is here to promote.”