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- UK Office for Budget Responsibility forecasts the cost of climate change to public finances
- New Zealand Infrastructure Commission concludes major survey of public priorities for infrastructure development
The Office for Budget Responsibility (OBR) in its latest Fiscal Risks Report has forecast the cost to the UK public finances from climate change (physical risks) and the transition to net-zero (transition risks) across a range of different scenarios.
Describing the challenge, the OBR states:
Taking early action to achieve net zero would add 21% of GDP to public sector net debt by 2050, a smaller amount than that added by the Covid-19 pandemic. This amount comes from increased spending on net-zero investment, the loss of tax revenues (such as fuel duty), revenues from tax on carbon and other costs such as increased debt interest payments.
Against the cost of early action, the OBR sets out alternative scenarios including a no-action scenario which would bring more frequent and costly shocks to UK's tax position.
The OBR report echoes ICE's previous work looking at the future of road funding and motoring taxes.
In our report, we outline the need for a replacement to declining fuel duty and Vehicle Excise Duty (VED) revenues, pointing to a Pay-As-You-Go model as an equitable alternative. The forthcoming Transport Decarbonisation Plan and HMT Net-Zero Review may provide answers.
A new 23,000-person public survey by the New Zealand Infrastructure Commission (NZIC) has indicated a preference among New Zealanders for future decision making on infrastructure to place a priority on the 'planet' rather than 'jobs' and 'people'.
The report also found:
The survey forms part of NZIC's work leading up to a New Zealand Infrastructure Strategy, which will be presented in September.
Understanding public concerns and pressures and encouraging public consultation are an important part of crafting a robust strategy for infrastructure development.
This survey, along with the linked consultation, will add legitimacy to the final Infrastructure Strategy reducing the likelihood it will be reopened in the future.
With that greater level of certainty, construction firms will be in a better position to deliver at a lower cost. We explore the role of strategic infrastructure planning.
In case you missed it...
Check back in a fortnight for the next edition of the ICE's Infrastructure Policy Watch. You can also sign up to ICE Informs to get a monthly digest of the latest policy activities from ICE, including calls for evidence to support our ongoing advice to policymakers.