George Osborne has committed to spending £100 million in infrastructure projects, including energy, by the end of the decade.
Launching the new National Infrastructure Commission, led by former Cabinet Minister Lord Adonis, the Chancellor set out plans today to “get Britain building”.
The new eight-strong Commission panel is an independent body that will determine the UK’s infrastructure priorities and enable long term strategic decision to build effective and efficient infrastructure.
It will oversee the £100bn of spending and produce a report at the start of each five-year Parliament, offering recommendations for important projects.
One of the three initial areas it will focus on is 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”.
A Treasury spokesperson told ELN full details will be revealed during the Spending Review next month.
Mr Osborne said: “My Spending Review will be about delivering security.
“British people have to spend longer than they should getting to work, pay more than they should on energy bills and can’t buy the houses they want because of the failure of successive governments to think long-term.
“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.”