Members of the Public Accounts Committee said they are not convinced current plans for £310bn of investment are “credible given the current economic climate, the cutbacks in public finances and the difficulty in raising private finance for projects on acceptable terms.”

The Treasury’s National Infrastructure Plan was launched in 2010 with 40 key projects highlighted among hundreds of other schemes.

But only two schemes have been delivered so far under the programme.

John Cridland, CBI Director-General, said: “I have a queue of businesses at my door telling me delivery of the Government’s Infrastructure Plan needs speeding up.

“The new guarantees scheme has so far only managed to deliver two projects. More are in the pipeline but we need them delivered.

“We need ministers to pick three or four big infrastructure projects that demonstrate to investors what we can acheive and then doing everything in their power to see them through.

“We need to get the planning system working effectively, use the guarantees scheme flexibly and get these projects over the line.

“This is how we demonstrate to global investors that UK infrastructure is a prize worth pursuing, drive construction activity and build a platform for future prosperity.”