ICE president Paul Jowitt welcomed the Budget, in particular its focus on infrastructure and its important role in the UK’s development.
ICE president Paul Jowitt welcomed the Budget, in particular its focus on infrastructure and its important role in the UK’s development.
“Today’s Budget has given industry a clear signal that Government is committed in the long-term to determining infrastructure priorities and creating a roadmap for their delivery.
“Unlocking private investment will be crucial to delivering the infrastructure needed to plug potential energy shortfalls and retain the UK’s global competitiveness, so confirmation that strategic body, Infrastructure UK, will remain in place is very good news. This will help reduce political risk and give industry increased confidence to invest, however it must be backed up by a planning system that is fit for purpose.
“The renewed commitment to the creation of a Green Investment Bank and the reassurance that Government will consider a range of options for its scope and structure, is also very encouraging. It is estimated that the UK will need to invest £40-50bn per annum in infrastructure to secure the UK’s future economic competitiveness and aid the shift to a low carbon society. Such a bank should operate in a way that reflects the scale of the task at hand – we look forward to assisting the Government on their proposals later in the year.
“The onus is now on industry to demonstrate value for money, both to the client and the public. We look forward to working with Infrastructure-UK on their investigation into reducing the costs of the delivery of major projects.”
Spending Cuts
“We are pleased the new Government has taken heed of past mistakes recognising the consequences of slashing infrastructure spending.
“ICE’s recent report State of the Nation: Infrastructure 2010 found that local transport and waste systems, which are currently dependent on public spending, are in need of urgent attention and any budget cuts could have catastrophic results. We urge national and local Government not to target these at risk areas to avoid further deterioration in areas such as local roads.”
Energy
“We welcome the Government’s recognition that under the current energy policy framework, it is difficult for industry to commit to long-term investments in many low carbon technologies.
“However we need to see some stability in the carbon price sooner rather than later to incentivise investment in renewables and nuclear energy.“