Osborne’s concrete plans to be unveiled at 12.30

Grant Prior 10 years ago
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Chancellor George Osborne will officially confirm details of his plans to boost construction today with the Autumn Statement scheduled to start at 12.30 in Parliament.

An update of the National Infrastructure Plan will be announced alongside the economic statement with a £30bn boost anticipated for construction.

The total will include £5bn extra in the short term for infrastructure work funded by savings from the Government’s current account spending.

An extra £5bn in the period 2014/17 will be bumped up with an anticipated £20bn from pension funds looking to invest in infrastructure projects.

The construction industry is hoping Osborne will publish a detailed timetable for 40 priority projects alongside a wish list of 500 longer-term schemes.

Some of the initial £5bn will help fund a £600m school building programme planned before 2014.

Other priority schemes could include the TransPennine express line between Leeds and Manchester, the Metro system in Tyne and Wear and improvements to the M25, M56 and M3.

The Government is also expected to back an extension to Battersea for the Northern Line in London.

Full details of the Chancellor’s announcements will be updated on the Enquirer as they are made.

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