Savings made by government departments are expected to help unlock around £100bn for infrastructure projects in the UK.
This announcement formed part of chancellor George Osborne’s Spending Review speech before Parliament today, which also set out how the government will support over £100bn of private investment in energy, increase the capital budget for science, and move to a Single Local Growth Fund.
Infrastructure plans include ‘the largest programme of investment in our roads for half a century’, plus a firm commitment to HS2 that Osborne believes will provide a ‘a huge boost to the north of England and a transformation of the economic geography of this country’.
Osborne added that Danny Alexander, chief secretary to the Treasury, will tomorrow set out the next stage of the government’s economic infrastructure plan, with specific plans for more than £100bn of infrastructure projects.
This – plus a full round up of the Spending Review – will be covered in The Engineer on June 27.