William Eichler 08 September 2020

Private finance can drive ‘infrastructure revolution’, says CBI

Private finance can drive ‘infrastructure revolution’, says CBI image

Private sector investment can be a major driver of the UK’s ‘infrastructure revolution’, according to business representatives.

Government spending plans unveiled in March’s Budget included £640bn of infrastructure pledges. However, since then the pandemic has placed an unexpected burden on the UK economy.

The CBI, in a new paper entitled Investing in infrastructure, argues that private finance can play a ‘crucial role’ in delivering on the Government’s infrastructure promises.

The report lays out a series of recommendations to Government on how to attract increased private sector investment to deliver on infrastructure commitments and to drive growth and productivity.

Key among those recommendations is for the Government to create a UK infrastructure bank to help deliver infrastructure and support the economic recovery in the event the UK ends its participation with the European Investment Bank.

The report outlines the proposed bank’s role of focusing on crowding in private finance by reducing risks, promoting market stability, and increasing investor confidence.

Other recommendations include giving additional powers to the National Infrastructure Commission and Infrastructure and Projects Authority – offering them greater independence and authority to hold Government to account on infrastructure delivery.

The report also recommends reforming the National Infrastructure and Construction Pipeline to boost confidence in the market and provide clarity about opportunities for potential private sector investors.

Matthew Fell, the chief UK Policy Director at the CBI, said: ‘Prior to the outbreak of Covid-19, businesses welcomed the Government’s commitment to deliver an “infrastructure revolution” and interpreted it as a clear sign that the Government was serious about delivering on its levelling-up agenda.

‘While the UK Government’s commitment to delivering infrastructure remains undeterred, the country’s fiscal position has substantially worsened. In this context, the private sector now has an even more important role to play in helping to bridge the funding gap needed to deliver the Government’s vision for UK infrastructure.

‘To support its ambitious infrastructure agenda and provide better connectivity, at good value for taxpayers, the Government must reinvigorate the UK infrastructure market tackling concerns about regulation and a lack of clarity about investment opportunities.

‘The Government must commit to an approach that gives confidence to investors and capitalises on the attributes of businesses and public sector establishing itself once again as a world class destination for investment.’

SIGN UP
For your free daily news bulletin
Highways jobs

Community Alarms Officer

Sandwell Metropolitan Borough Council
£20,903 - £24,491 pro rata
We are looking for enthusiastic individuals who possess a good working knowledge of the community alarm service including assessing and installing... Sandwell, West Midlands
Recuriter: Sandwell Metropolitan Borough Council

Qualified Social Workers within Adult Services

Essex County Council
£30906 - £42254 per annum
Essex County Council continues to review its ways of working during the ongoing Covid-19 pandemic. We continue to work within adult social care with a England, Essex, Colchester
Recuriter: Essex County Council

Occupational Therapists - Adult Services

Essex County Council
£30906 - £42254 per annum
Essex County Council continues to review its ways of working during the ongoing Covid-19 pandemic. We continue to work within adult social care with a England, Essex, Harlow
Recuriter: Essex County Council

Experienced Social Worker/Senior Practitioner

Kirklees Metropolitan Council
£30,507 - £38,813
We’re on an ambitious journey and looking for passionate and committed social workers to join our teams which are... Kirklees, West Yorkshire
Recuriter: Kirklees Metropolitan Council

Social Worker - Family Worker (Link Role) - Witham

Essex County Council
Negotiable
Family Solutions is an Early Help service in Essex working holistically with disadvantage families, with multiple difficulties to enable them to make England, Essex, Witham
Recuriter: Essex County Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue