News

Infrastructure pipeline updated and uplifted to £500bn

Pipeline

A newly updated pipeline of infrastructure projects worth over £500bn has been published by the Treasury and its Infrastructure and Projects Authority (IPA).  The new National Infrastructure and Construction Pipeline (NICP) has been published to give a single source of information on upcoming projects for government, suppliers and investors.

The NICP follows on from announcements on infrastructure and construction made in government's autumn statement, including a new £23bn National Productivity Investment Fund for improving transport, accelerating roll-out of high-speed broadband and supporting new homebuilding initiatives. An additional £240bn could be added to the UK economy over the next 10 years – £9,000 for every household in Britain –if productivity was raised by just a single percentage point, according to the Treasury.

A new funding and finance supplement to the National Infrastructure Delivery Plan has also been published, to accompany the new NICP, to give details on how the pipeline is to be financed, with opportunities for investors. Around 40% of the £500bn pipeline will be delivered through government investment, £300bn of it by 2020/21, the Treasury and IPA say. The pipeline contains 720 projects across transport, housing and digital infrastructure. Approximately 20 projects have been added since the last update in March.

Chief Secretary to the Treasury David Gauke said: "This record infrastructure pipeline is set to make a real difference to people’s lives from quicker and easier journeys, to better broadband access, and building more homes for people who need them in high demand areas. It is clear proof that we are absolutely committed to ensure our infrastructure is fit for the future, which is at the heart of our ambitious plans to close the UK’s productivity gap and build a fair economy for everyone."

Chief executive of the IPA, Tony Meggs, said: "Having the visibility and certainty of a pipeline of construction and infrastructure investment allows industry to invest strategically for the market, not just tactically for the project. We will continue this comprehensive approach, working with industry to deliver the pipeline.

"It is an important step in the IPA’s mission to deliver important infrastructure projects successfully, so we can raise people’s living standards, boost our productivity and grow our economy."

 

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