Commenting on the Budget, Institution of Civil Engineers (ICE) Director General Nick Baveystock, said:
“The Chancellor rightly reinforces the promises the Prime Minister set out on infrastructure earlier this week – to provide a more stable framework for potential investors to secure long term funding forour vital infrastructure networks, and ultimately translate the National Infrastructure Plan into clear outcomes that benefit the nation.
“Progress in the development of new funding models such as Tax Increment Financing and the pilot for a new Earn Back Model is encouraging, as is the news that a second group of pension investors have come forward with proposals for increasing investment in the construction phase of projects. But I reiterate, Government could and should do more to improve the credibility of its aspirations by publishing an assessment of the level of funding it believes it can realistically secure from all categories of investors and a clear programme of work that will unlock these funds. This would boost investor confidence and help to unlock further investment.”
Commenting on the energy sector commitments in the Budget, he added:
“Government rightly acknowledges the importance of energy security in the future, so steps to maximise the potential of our domestic resources are welcome. However we must ultimately shift our dependence from fossil fuel generation, so to have a reasonable chance in delivering what the country needs, these steps must be supported with market reforms to make investment in new low carbon supplies, like offshore wind, more attractive and commercially viable.”
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Media contacts
For further information:
Kate Ison, ICE Media Manager, 0207 665 2104, kate.ison@ice.org.uk
Emily Beadon, ICE Media Manager, 0207 665 2261 emily.beadon@ice.org.uk
Notes to editors
The Institution of Civil Engineers (ICE) is a leading source of professional expertise in transport, water supply and treatment, flood management, waste and energy. Established in 1818, it has over 80,000 members throughout the world including over 60,000 in the UK. ICE’s vision is to place civil engineering the heart of society, delivering sustainable development through knowledge, skills and professional expertise. 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.