Today's Budget's acknowledged that infrastructure is a key economic policy priority. Investment in a fully functioning transport infrastructure is essential to underpinning a successful economy and has been at the forefront of CIHT's vision for a prosperous economic future for the UK.
Sue Percy said:
"Today's Budget reaffirmed the commitment to infrastructure that has been previously made. Whilst we welcome this commitment, we will be analysing in more detail what this actually means for our industry."
"The Chancellor focused on economic resilience, but without a resilient transport system the forecasts for growth announced today could be compromised."
"CIHT welcomes the budget's recognition that infrastructure investment is a driver of economic growth. Transport infrastructure is vital to the whole spectrum of society. The additional investment will create jobs and support economic recovery.
"The Chancellor should continue to seek opportunities for more infrastructure investment to generate even greater benefits. Private finance want to see commitment & certainty over the long term before they will look to invest in UK infrastructure."
"We want to see not only a longer term commitment to funding but we believe that we need a National Strategy for Transport to help shape the strategic future of our economy & society."
The initial transport highlights today focused on:
1) An extra £200 million, across the UK, to set up a potholes challenge fund aimed at repairing up to 3.2 million potholes following the severe weather.
2) For Apprenticeships the government is building on the success of the Apprenticeship Grants for Employers (AGE) scheme, by providing an extra £85 million in both 2014-15 and 2015-16 for over 100,000 grants to employers. And for Degree and Masters level apprenticeships the government will provide £20 million over 2 years in support up to postgraduate level.
3) The Capital Departmental Expenditure Limit for Transport rising from £9bn in 2014/15 to £9.5bn in 2015/16.
In the devolved parliaments the Chancellor promised new tax raising and borrowing powers for infrastructure to the Welsh government, a new Enterprise Zone for Colerain in Northern Ireland and in Scotland the government is offering to extend the feasibility study on possible improvements to the A1 north of Newcastle further north into Scotland (if the Scottish government will match fund the costs of this study.
Notes for editors:
Chartered Institution of Highways & Transportation
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