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

Solicitor/ Barrister / Chartered Legal Executive Commercial & Contracts (x2)

Warwickshire County Council
£50,856 to £57,083 per annum
Warwickshire Legal Services (WLS) are looking for two qualified lawyers to join their award-winning, motivated, and nationally recognised legal team. Warwick
Recuriter: Warwickshire County Council

Head of Finance and Deputy s151 Officer

Conwy County Borough Council
£77,153 - £88,545
We are looking for an experienced and strategic financial leader who can operate confidently in a complex, political and fast-changing environment. Colwyn Bay, Conwy
Recuriter: Conwy County Borough Council

ICT Engineer Digital Squad

Durham County Council
£35,412 to £39,152 p.a. (Pay Award Pending)
An exciting opportunity has arisen within the Microsoft 365 Team for an ICT Engineer (Microsoft 365). This role will support Durham County Council's B Durham
Recuriter: Durham County Council

Storekeeper Driver

Durham County Council
£26,403 - £28,598
An opportunity has come up in Highways Services for a Storekeeper/Driver.  They will assist the Stores Supervisor in delivering a customer focussed St Durham
Recuriter: Durham County Council

Care Support

Durham County Council
Grade 4 £25,583 - £26,824 (pay award pending)
We're recruiting to a permanent role within our Pathways Service, which delivers day services to adults with complex needs, Monday to Friday. There i Durham
Recuriter: Durham County Council
Linkedin Banner