- Chief Secretary Darren Jones sets out plan for Britain's infrastructure to restore investor confidence.
- New body will help "get a grip" on the delays to infrastructure development.
- Government also sets out first national infrastructure strategy just days before global investors arrive in the UK for the International Investment Summit.
The cycle of underinvestment and instability that has plagued the UK's infrastructure systems for over a decade is to come to an end, with the Chief Secretary to the Treasury, Darren Jones, outlining new plans to break this cycle and deliver a decade of national renewal to power growth across the country.
In a speech at Skanska's national HQ - one of the world's largest construction companies - the Chief Secretary to the Treasury Darren Jones today (Thursday 10 October) set out his vision for the future of the country's infrastructure.
The Chief Secretary announced a new National Infrastructure and Service Transformation Authority (NISTA), which will look to fix the foundations of our infrastructure system by bringing infrastructure strategy and delivery together addressing the systemic delivery challenges that have stunted growth for decades.
The Chief Secretary warned that investor confidence has been shaken by a cycle of underinvestment and instability that has plagued the UK's infrastructure's systems, with statistics showing that the UK has historically ranked lowest among the G7 for investment, alongside the lowest public capital stock in the G7, 15% below its average.
The Chief Secretary also said infrastructure is the very lifeblood of the country's economy, and that through it, working people are better connected with the opportunities they need, businesses can find the top talent they need, and Britain is better linked to the rest of the world.
Darren Jones, Chief Secretary to the Treasury said:
This new body will get a grip on the delays to infrastructure delivery that have plagued our global reputation with investors. It will restore the confidence of businesses to invest and help break the cycle of low growth.
NISTA will bring a much-needed oversight of strategy and delivery under one roof, supporting the development and implementation of the ten-year infrastructure strategy in conjunction with industry, while driving more effective delivery of infrastructure across the country.
He also stressed the urgent need to speed up the delivery of major infrastructure with a powerful national strategy, noting that this will help provide the stability required to help ensure private sector confidence and achieve better sustained economic growth.
The Chief Secretary confirmed the Government's objectives, priorities, and vision of the nation's infrastructure over the next decade through a ten-year infrastructure strategy, for the first time since coming into power. The speech comes just days ahead of the International Investment Summit on 14 October which will bring the world's biggest businesses and investors to the UK to hear about the country's economic strengths and investment potential.
The National Infrastructure Commission will also today publish an independent report into the systemic issues in the UK that have historically increased the cost of delivering major infrastructures. The report will point to a debilitating lack of strategic clarity as a root cause, that has increased the delay of decisions for national infrastructure by up to 65% since 2012.
Also confirmed today is the extension of Sir John Armitt's role as Chair of the National Infrastructure Commission to continue to provide the stability and expertise needed to support the Government in developing the ten-year infrastructure strategy.
