Following the commitment from President Obama to invest $50bn into US infrastructure and create a National Infrastructure Bank – ICE Director General, Tom Foulkes, has called on the UK government to consider a similar pledge.
“The people of America will be encouraged by the bold commitment to rebuild and develop the country’s roads, rail networks and airport runways along with the recognition that robust and effective infrastructure is vital for future development and economic prosperity.
“The people of the UK need that same promise, after an assessment of UK infrastructure networks by our own country’s civil engineering experts, concluded that our overall infrastructure requires ‘significant attention’ with energy and local transport infrastructure grades as ‘at risk’.
“An estimated £40-50bn per annum will need to be channeled into our infrastructure. While much of this funding must come from the private sector, a mechanism is needed to attract the large volume of private investment required. We are confident the new Government recognises the scale of the challenge and hope this is reflected in the comprehensive spending review and plan for a Green Investment Bank.
“An ambitious and robust funding mechanism – similar to President Obama’s vision for a National Infrastructure Bank - will ensure a predictable stream of funding for the projects that will help boost the UK’s future competitiveness and make the transition to a low carbon economy.”