William Eichler 20 February 2017

Think tank calls for creation of new Northern Infrastructure Bonds

London will receive £1,500 more in transport spending per person than the North over the coming years, think tank says.

A new report from the Institute for Public Policy Research (IPPR) revealed Yorkshire and the Humber will get £190 per head, North East £220, North West £680 and London £1,940 for transport from 2016/17 onwards.

The report, entitled Paying for Our Progress, argued bodies like Transport for the North could fund a new high-speed rail service between Northern cities.

It suggested this would be possible if the Treasury allowed for new Northern Infrastructure Bonds, which would raise capital on the pensions market for northern infrastructure projects.

The report’s authors also recommended the Transport for the North body should be given the same powers as Transport for London to invest, and the National Infrastructure Commission granted greater room to set infrastructure priorities.

In its Budget next month, the Treasury should announce new funding in northern infrastructure, with a view to leveraging private sector funding, IPPR added.

These moves would be ‘key’ to rebalancing the UK economy post-Brexit and in creating a country that works ‘for everyone’, they said.

A 2016 study set out how new investments including ‘HS3’ could unlock up to £97bn and create 850,000 new jobs by 2050.

‘It currently takes longer to travel by train from Liverpool to Hull than from London to Paris – building better links between the North’s cities will boost the nation’s economy by driving up northern productivity,’ said the report’s author Grace Blakeley.

‘The spending gap between London and the North remains huge but this is about more than money, the North needs to take back control over transport spending too, to sensibly invest in a range of northern infrastructure projects and unlock more potential.

‘In particular, new bonds could help raise vital funds from long term investors, such as pension funds – like we see in the US and other countries.’

Visit The MJ for more on the state of local government finance (£).

SIGN UP
For your free daily news bulletin
Highways jobs

Senior/Principal Regeneration Officer

Fareham Borough Council
£45,465 - £55,379
Our town centre regeneration is moving from planning to delivery, and we're looking for someone who wants to help make regeneration happen. Fareham, Hampshire
Recuriter: Fareham Borough Council

Policy and Reporting Officer (Grade H)

Nottingham City Council
£40,777 – £44,075
You will help ensure staff have access to clear and effective guidance that supports consistent and high-quality practice. Nottingham, Nottinghamshire
Recuriter: Nottingham City Council

Practice Lead (Grade I)

Nottingham City Council
£46,142 - £49,282
This is an exciting opportunity for an experienced social worker Nottingham, Nottinghamshire
Recuriter: Nottingham City Council

Lead Child Protection Practitioner (LCPP) (Grade J)

Nottingham City Council
£51,356 – £54,495
You will promote best practice, support continuous improvement and help drive positive outcomes for children and young people. Nottingham, Nottinghamshire
Recuriter: Nottingham City Council

Strategic Director of Corporate and Governance Services

Isle of Wight Council
Grade 19, from £115,794 to £124,441 per annum
This pivotal leadership role sits at the heart of our council and will give you an opportunity to truly influence organisational success Isle of Wight
Recuriter: Isle of Wight Council
Linkedin Banner