The Chancellor of the Exchequer has announced a revamp to British infrastructure, which will act alongside the finance sector in improving the UK’s private sector.
The National Infrastructure Plan is a cross-sector approach to improving the UK’s infrastructure networks and has set its sights high with 500 infrastructure projects. To finance it there will be greater co-operation between public and private investors.
Speaking to the house today Mr Osborne said: “Financial services will always be a very important industry for the UK. But we have to help other parts of the private sectors in other parts of the country grow. That means uncongested roads and railways for businesses to move products that cannot be reduced to a screen on a City trading floor. It means providing secure power sources at reasonable prices.
“See what countries like China or Brazil are building, and you’ll also see why we risk falling behind the rest of the world. So we are publishing the National Infrastructure Plan. For the first time we are identifying over 500 infrastructure projects we want to see built over the next decade and beyond. Roads, railways, airport capacity, power stations, waste facilities, broadband networks.”
The National Infrastructure Plan aims to:
-improve the performance, capacity, connectivity and environmental impacts of the UK’s transport;
-achieve a secure, diverse and reliable energy supply for the UK while reducing the carbon intensity of electricity generation at least cost to consumers;
-maintain the security and performance of the water and sewerage system while reducing its environmental impacts;
-reduce waste sent to landfill, increasing recycling rates and moving towards a zero-waste economy.
Of the 500 infrastructure projects, 40 have been given priority labels and includes investment for CCS, smart meters, new nuclear, wind generation, airports, roads and ports.