The government has launched a decade long infrastructure strategy with the aim of delivering greater infrastructure investment and as part of its much touted growth strategy.
The strategy claims to provide the ‘certainty and stability’ needed to attract investment, while taking a ‘joined-up view’ to improve planning across all types of infrastructure.
The strategy is backed by cash with at least £725bn of government funding being put forward over the coming decade, from which at least £9bn will be allocated in 2025-26 to address the maintenance of health, education and justice estates, rising to over £10bn per year by 2034-35.
“Infrastructure is crucial to unlocking growth across the country, but for too long investment has been squeezed,” said chancellor of the exchequer, Rachel Reeves.
The National Infrastructure and Service Transformation Authority (NISTA), established by the government this year, will work with partners across both the government and wider industry to implement the strategy across the UK.
NISTA will periodically review the progress made and work with devolved governments to ensure that the infrastructure strategy is joined up.
Tracy Blackwell, chief executive officer of the Pension Insurance Corporation, said: “The government’s 10-year infrastructure strategy is a good step in the right direction – providing clarity, ambition, and commitment to long-term investors in UK infrastructure, like Pension Insurance Corporation.”
Blackwell said she welcomed the ‘clearer pipeline’ of projects and a renewed focus on social value, something that is of ‘real importance’.
“The government’s wider efforts on planning reform, transparent delivery bodies, and reducing the regulatory burden will supplement this new strategy – offering a much more investable environment across the UK,” added Blackwell.
Bill Hughes, head of private markets at L&G, added: “The government’s long-term infrastructure strategy is a signal of positive intent to drive growth across the UK that allows investors to plan and invest with greater confidence. As one of the UK’s largest infrastructure investors, we welcome the emphasis on public-private collaboration to unlock private investment, and where we see particular opportunity to mobilise capital for society’s benefit.”
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