National Infrastructure Strategy
The first National Infrastructure Strategy 'Fairer, faster, greener' was published by HM Treasury on 25 November 2020 as part of the government's spending review.
It describes UK government plans to transform infrastructure based around three central objectives:
- Economic recovery.
- Levelling up and strengthening the Union.
- Meeting the UK’s net zero emissions target by 2050.
It suggests that these objectives will be enabled by clear support for private investment and a comprehensive set of reforms to the way infrastructure is delivered. This includes plans to:
- Boost growth and productivity across the whole of the UK, levelling up and strengthening the Union. This includes a £4bn ‘levelling up’ fund for local projects.
- Putting the UK on the path to meeting its net zero emissions target by 2050: The government will continue to decarbonise the UK’s power, heat and transport networks – which together account for over two-thirds of UK emissions - and take steps to adapt to the risks posed by climate change.
- Support private investment: Providing investors with clarity over the government’s plans, so they can look to the UK with confidence and help deliver the upgrades and projects needed across the country.
- Accelerate and improve delivery: The government wants to transform the way infrastructure projects are delivered in the UK. This will be achieved through wide-ranging reforms from speeding up the planning system, to improving the way projects are chosen, procured and delivered, and greater use of cutting-edge construction technology.
The government is also setting up a new UK infrastructure bank, to co-invest alongside the private sector in infrastructure projects. The bank will operate UK-wide, be based in the North of England, and support the government’s ambitions on levelling up and net zero. It will also be able to lend to local and mayoral authorities for key infrastructure projects, and provide them with advice on developing and financing infrastructure.
For more information see: UK Infrastructure Bank.
In addition The Green Book has been updated to end the dominance of the benefit cost ratio in appraisals.
Prime Minister Boris Johnson said: "For decade after decade, governments of every political stripe have failed to invest enough in the UK’s regions and nations. It is one of the reasons why the quality of our national infrastructure has fallen behind that of other countries. This Strategy will change that."
Chris Richards, Institution of Civil Engineers Director of Policy, said: “Although we need to review the details, we are optimistic that the publication of this National Infrastructure Strategy will provide clear strategic direction on future infrastructure interventions. Ensuring a long-term approach is essential in the planning and delivery of projects that meet the needs of society.”
Sir John Armitt, Chair of the National Infrastructure Commission, said: “Publication of the UK’s first ever National Infrastructure Strategy is an important moment, given the vital role infrastructure can play in supporting economic recovery and growth across the whole of the UK, as well as tackling climate change. We are pleased to see the government’s strategy responds closely to our own independent assessment of the country’s infrastructure needs and how to address them.”
For more information see: Government publishes UK infrastructure strategy.
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Missing :
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PS. MMT money for infrastructure, see
https://www.realvision.com/shows/the-interview/videos/rebel-economists-unpick-historical-path-to-global-recovery