The financial inheritance this government has received is extremely challenging. The previous administration has left a £22 billion public spending gap this year alone - £2.9 billion of which is unfunded transport commitments. Communities up and down the country have been given hope for new transport infrastructure, with no plans or funds to deliver them. This government will not make that mistake. This government will rebuild our economic foundations while restoring transparency and public trust.
In recent weeks, the gap between promised schemes and the money available to deliver them has been made clear to me. There has been a lack of openness with the public about the status of schemes - some of which were cancelled or paused by the previous government, without proper communication to the public.
As the Chancellor informed Parliament, I am commissioning an internal review of DfT's capital spend portfolio. We will bring in external expertise and move quickly to make recommendations about current and future schemes. This review will support the development of our new long-term strategy for transport, developing a modern and integrated network with people at its heart and ensuring that transport infrastructure can be delivered efficiently and on time.
I am determined that we build the transport infrastructure to drive economic growth and opportunity in every part of the country and to deliver value for money for taxpayers. That ambition requires a fundamental reset to how we approach capital projects - with public trust, industry confidence and government integrity at its heart.
