Osborne prioritises infrastructure spending

Chancellor George Osborne reiterated the Government’s commitment to invest in UK infrastructure during today’s (5 December) Autumn Statement.

Yesterday (4 December) Chief Secretary to the Treasury Danny Alexander revealed the Government’s new National Infrastructure Plan (NIP), which contains information on over £375 billion of planned public and private sector infrastructure investment.

It sets out investment for energy, transport, flood defence, waste, water and communications infrastructure up to 2030 and beyond.

In the area of highways, the Government confirmed that there will be no tolling on the planned A14 scheme between Cambridge and Huntingdon and that it will now fund the project. The Government will also fund improvements to the A50 around Uttoxeter starting no later than 2015 to 2016. To read industry reaction to the National Infrastructure Plan click here.

Chancellor Osborne (pictured left) has welcomed the infrastructure plan. In his statement, he said: “We’re going to be spending more on capital as a proportion of national income on average over this decade, than over the whole period of the last Government. That’s involved making tough choices about priorities in spending and sticking to them. We have to decide whether we are serious as a country about competing in the modern world and say to people: we need the new roads, and the new railways including the Northern Hub and High Speed 2.”

To read the Autumn Statement in its entirety click here.