In a speech to the House of Commons, Chief Secretary to the Treasury Danny Alexander outlined a pipeline of over £100 billion worth of public investment in infrastructure projects, to 2020.
The government has announced an increase in capital spending plans by £3 billion a year, from 2015, which means an additional £18 billion of investment over the next parliament.
The Chief Secretary maintained the need for a long-term infrastructure investment plan, to ensure that Britain can compete in the global race.
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Government is taking a long-term approach to infrastructure, to overcome decades of short-term decision making and uncertainty in funding, financing and failures in delivery.
Plans include over £70 billion of investment in transport, over £20 billion in schools and £10 billion in science, housing and flood defences.
Specific commitments include funding for HS2, a new nationwide rail network that will put two-thirds of northern England within 2 hours of London.
Government will commit to the biggest programme of investment in roads since the 1970s. By 2020 to 2021 the government plans to triple the money spent on roads compared to 2013. This includes £6 billion to help local authorities repair the local road network.
Superfast broadband provision will be expanded so 95 per cent of UK premises will have access to superfast broadband by 2017.
Action is being taken to provide the support needed to enable up to £100 billion of private sector energy investment, including through the further roll-out and extension of the UK guarantees scheme.
The Chief Secretary also announced the government’s plans to strengthen infrastructure project delivery through learning from successful approaches taken in the Olympics and elsewhere.
A full update of the National Infrastructure Plan will be published at the time of the Autumn Statement 2013.
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