Chancellor pledges £100bn by 2020 for infrastructure

Aaron Morby 1 year ago
Share

Chancellor George Osborne will today launch the National Infrastructure Commission and promise to stick to his pledge to spend £100bn in this Parliament for new roads, rail, flood defences and other vital projects.

George Osborne

He will set out plans to ‘get Britain building’, saying that infrastructure will be at the heart of next month’s Spending Review.

In the review, the Chancellor will set out plans to raise billions of pounds from a suite of asset sales that will be ploughed back into infrastructure projects.

Later today in York, Osborne will also confirm the seven commissioners who will help former Cabinet minister Lord Adonis run the independent National Infrastructure Commission.

The line-up includes Lord Heseltine and experienced industry bigwig, Sir John Armitt, who backed the formation of the commission in a Labour policy document before the last election.

NIC commissioners

  • Lord Heseltine – the former deputy prime minister who has long championed the regeneration of Britain’s inner cities through infrastructure investment
  • Sir John Armitt – the former chair of the Olympic Delivery Authority, and next year’s President of the Institute of Civil Engineers
  • Professor Tim Besley – a former member of the Bank of England’s Monetary Policy Committee and the LSE’s Growth Commission, which recommended an independent infrastructure body
  • Demis Hassabis – artificial intelligence researcher, neuroscientist and head of DeepMind Technologies
  • Sadie Morgan – a founding director of dRMM Architects and Design Panel Chair of HS2
  • Bridget Rosewell – a senior adviser at Volterra and former Chief Economist and Chief Economic Adviser to the Greater London Authority
  • Sir Paul Ruddock – chairman of the Victoria & Albert Museum and the University of Oxford Endowment

The Chancellor said: “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.

“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.”

The commission will produce a report at the start of each five-year Parliament, offering recommendations for priority infrastructure projects and  hold governments to account for their delivery.

Its initial focus will be in three key areas.  These include  identifying priorities for future investment in the North’s strategic transport infrastructure to improve connectivity between cities, especially east-west across the Pennines.

London’s transport system, particularly reviewing strategic options and identifying priorities for future investment in large scale transport improvements – on road, rail and underground – including Crossrail 2.

Energy, particularly exploring how the UK can better balance supply and demand, aiming for an energy market where prices are reflective of costs to the overall system

Latest news

Everton agree land deal for £300m stadium

New stadium set to be built at Bramley-Moore Dock on the Liverpool waterfront
1 hour ago

Construction drives Kier to strong half-year

Kier construction profits rise a fifth on £1bn record revenue as margins hit 2%
8 hours ago

Durkan signs £71m deal for resi rental towers

Link-up with investors M&G Real Estate to provide hundreds of homes in East London
4 hours ago

Project delays hit WYG profits

Consultant geared-up for work boom which has been hit by delays
9 hours ago

Osborne set for £60m Twickenham station project

Osborne secures station double for developer Solum
8 hours ago

Sixteen road projects at risk of being scrapped

NAO calls for urgent action on highways resource and programme planning crisis
1 day ago

Willmott Dixon wins £46m Ponteland school and leisure job

Newcastle office bags combined school and sports scheme
9 hours ago

Redrow lands 1,000 home London estate rebuild

Post-war housing will be demolished on the Alton estate in Roehampton
1 day ago

Plans go in for £40m revamp of Scottish Power HQ

Developer FM Group to transform former office into apartment and leisure complex
1 day ago

Ringway wins £270m south west highways upkeep

South west maintenance and response deal starts this summer and runs for 15 years
1 day ago

London’s largest crane rises above Earls Court

120m tall heavy lift crane called in to remove 1,500t 'Big Bertha' concrete beam
2 days ago

Kier infrastructure MD Jag Paddam exits

Management rejigged to co-ordinate wider infrastructure and utilities business
2 days ago

Government confirms plans for four new prisons

Plans to go in for schemes which could create 2,000 construction jobs
1 day ago

Forrest unveils £26m loss in restated two-year accounts

Forrest scales back maintenance work to focus on new build housing
1 day ago

Van Elle warns contract delays to weaken year-end

Railway project delays impact specialist piling division
1 day ago

Company fined £700,000 for MEWP death fall

Washing machine giant fined after 66-year-old contractor dies during factory repair work
1 day ago

Shaylor sees turnover break the £100m barrier

Contractor posts record results and reports strong start to 2017
1 day ago

East London £600m schools framework winners

B&K, Willmott Dixon and regional firm Neilcott among big winners
2 days ago

Muse awards Galliford Try £25m London flats job

Blocks of flats form part of Lambeth Council's town hall redevelopment
1 day ago

BAM to build new HSBC office in Sheffield

Banking giant to anchor first phase of new £480m retail quarter
2 days ago

Cost wrangle hits O’Rourke cancer hospital site

Client and main contractor in talks over costs seven months after site start on £106m job
2 days ago

Cambridge Uni agrees £300m physics complex plan

Planning permission will now be submitted for Cavendish physics laboratories
2 days ago

£1.3bn deal to spark Swansea Bay construction boom

Eleven major projects get the go-ahead across the region
2 days ago

Price-fixing whistleblowers offered £100,000 reward

Competition and Markets Authority launches its first-ever advertising campaign to crack down on cartels
2 days ago

Steelwork contractor Billington gears up for expansion

Steelwork contractor eyes overseas markets as profit rises
2 days ago

£40m Pontypridd scheme re-ignites after six-year hiatus

Welsh Government puts office-led scheme on track with anchor tenants
2 days ago

Travelodge unveils £125m hotel investment plans

Tolent starts construction on chain's largest ever new build in City of London
3 days ago

Galliford Try bags £30m Almacantar London resi job

Contractor will start two-year build programme later this year
3 days ago

Plans go in for new 6,000 home Hampshire Garden Village

Construction could start next year on new community at Welborne
3 days ago

Wates profit jumps 17% to £35m

Wates chief says £2bn revenue target remains in sight
3 days ago

Contractor services