Ministers hailed it as the largest and most comprehensive infrastructure plan ever, which would help boost Britain’s flagging productivity.
“This record infrastructure pipeline is set to make a real difference to people’s lives form quicker and easier journeys, to better broadband access, and building more homes for people who need them in high demand areas,” said David Gauke, chief secretary to the Treasury.
“It is clear proof that we are absolutely committed to ensure our infrastructure is fit for the future, which is at the heard of our ambitious plans to close the UK’s productivity gap and build a fair economy for everyone.”
More than 20 schemes have been added to the pipeline since March, including the Oxford to Cambridge expressway. The area between the two university cities has been identified as a significant growth corridor.
Today’s announcement builds on one of the key themes of November’s Autumn Statement at which a £23bn National Productivity Investment Fund was announced.
Tony Meggs, chief executive of the Infrastructure and Projects Authority, which is charged with delivering the projects in the pipeline, said: “Creating the IPA has enabled us to produce a more comprehensive pipeline. 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.”
The government has also published a Funding and Finance Supplement, intended to attract further private sector investment to key infrastructure projects.
More than 40% of the pipeline is being delivered through government investment, the Treasury said.
