FUNDING SUMMIT TO DEBATE FUTURE OF UK INFRASTRUCTURE FINANCING
9 February 2010: Representatives from the three main political parties, industry leaders and policy specialists will debate the future funding of UK infrastructure today at special Infrastructure Funding Summit, organised by the Institution of Civil Engineers (ICE).
There is a wide consensus that the UK will need to invest heavily in infrastructure in the coming decades if we are to meet climate change targets, improve energy security and boost our economic performance. However there is debate and uncertainty amongst the political parties about where the funding for vital infrastructure projects will come from in the future.
ICE has been calling for the creation of a UK National Infrastructure Investment Bank or similar funding mechanism, to attract the large volumes of private capital which will be needed to fund essential infrastructure investment. The concept of such a bank has gained support from across the political spectrum.
The newly formed Infrastructure UK will be responsible for providing a focal point for planning and prioritising investment for UK infrastructure projects in the coming years. However ICE has raised concerns that projects cannot be planned and prioritised until long term funding sources have been identified and secured.
Economic Secretary to the Treasury Ian Pearson MP, Shadow Minister for the Treasury Mark Hoban MP and Liberal Democrat Shadow Chancellor Dr Vince Cable MP, will all deliver speeches on infrastructure funding at today’s Summit and take questions from high level industry figures. Policy specialists from a range of organisations including ICE, Local Partnerships and Goldman Sachs will also take part in a debate on potential infrastructure funding solutions.
ICE President, Professor Paul Jowitt, said: “This summit will provide a much needed platform for a range of key stakeholders to debate some of the pressing issues surrounding the future of infrastructure funding.
We must find a way of ensuring continued investment in our transport, energy, waste, flooding and water infrastructure, despite the restrictions the current financial situation places on government spending. This is not just for the benefit of industry and the economy, but for the benefit of society as a whole – our quality of life depends on infrastructure.
We are confident that an alternative approach to financing vital infrastructure, such as a National Infrastructure Investment Bank, can be agreed upon. This approach would ensure that essential infrastructure continues to be built - without diverting money away from front line public services.
ENDS
The summit is being sponsored by Local Partnerships and Bechtel and is under the Chatham House rule.
For further information please contact:
Kate Ison
ICE Press Officer,
t. 0207 665 2104
e. Kate.ison@ice.org.uk
The Institution of Civil Engineers (ICE) was founded in 1818 to ensure professionalism in civil engineering. It represents 80,000 qualified and student civil engineers in the UK and across the globe. The ICE has long worked with the government of the day to help it to achieve its objectives, and has worked with industry to ensure that construction and civil engineering remain major contributors to the UK economy and UK exports.