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

Grounds Maintenance Apprentice

Ribble Valley Borough Council
National minimum wage for apprentices
You will work towards a Level 2 Horticulture Operative Standard qualification through Myerscough College. Clitheroe, Lancashire
Recuriter: Ribble Valley Borough Council

Property Inspection Officer

The Royal Borough of Windsor & Maidenhead
£26,895 - £30,132 per annum
We have an exciting opportunity for a Property Inspection Officer to join us! Maidenhead, Berkshire
Recuriter: The Royal Borough of Windsor & Maidenhead

Trainee Solicitor (CDC)

City Of Doncaster Council
£28,598 - £31,537
We are seeking a Trainee Solicitor who will join our busy in-house team to continue their legal training. Doncaster, South Yorkshire
Recuriter: City Of Doncaster Council

Social Worker/Senior Social Worker - Children in Care

Gloucestershire County Council
£39,152 - £47,181 per annum
We are currently recruiting for a Social Worker to join our dedicated Children in Care Team in Cheltenham. Cheltenham, Gloucestershire
Recuriter: Gloucestershire County Council

Family Drug and Alcohol Court Social Worker

Gloucestershire County Council
£39,152- £47,181 per annum
Gloucestershire Children's Service are looking for an FDAC Social Worker to join the Tewkesbury Children and Families team. Tewkesbury, Gloucestershire
Recuriter: Gloucestershire County Council
Linkedin Banner