Dominic Browne 25 November 2020

Spending Review: Infrastructure gets pride of place

Spending Review: Infrastructure gets pride of place image

The chancellor Rishi Sunak used to the 2020 Spending Review to launch a new strategy for UK infrastructure, supported by an infrastructure bank and a place-based 'levelling up' fund.

The Government's comprehensive national infrastructure strategy, released today, will be supported by £27bn of public funding next year, with the Spending Review 2020 'delivering £100bn total investment in 2021-22 to support the recovery'.

The strategy is based 'around three central objectives: economic recovery, levelling up and unleashing the potential of the Union, and meeting the UK’s net zero emissions target by 2050', government officials said.

'These objectives will be supported by the creation of a new infrastructure bank to catalyse private investment in projects across the UK; as well as through a comprehensive set of reforms to the way infrastructure is delivered.'

Mr Sunak revealed that the bank would be headquartered in the North of England 'and will work with the private sector to finance major new investment projects across the UK starting this spring'.

He also announced a new 'levelling up' fund worth £4bn in England and up to £0.8bn for Scotland, Wales and Northern Ireland under the Barnett Formula.

'It will be open to all local areas in England and prioritise bids to drive growth and regeneration in places in need, those facing particular challenges, and areas that have received less government investment in recent years. The Government will set out further details on how to support levelling up across the UK in the New Year,' Treasury officials said.

Local areas can bid for up to £20m from the fund, which will be managed jointly between the Treasury, the Department for Transport and the communities department, MHLG.

The chancellor said it would take 'a new, holistic place-based approach to local areas'.

'Projects must have real impact, must be delivered in this parliament and they must command local support including from their member of parliament. This is about funding the infrastructure of everyday life, a new bypass, upgraded railway stations, less traffic, new libraries, museums and galleries, better high streets.'

The Spending Review also confirms multi-year funding certainty for existing projects such as school and hospital rebuilding, and flagship transport schemes.

Treasury officials said they were targeting 'additional investment in areas which will improve the UK’s competitiveness in the long-term, backing new investments in cutting-edge research and clean energy sources of the future'.

Overcoming the barriers to Commercial Card use image

Overcoming the barriers to Commercial Card use

Want to reap the benefits of Commercial Cards but coming up against some challenges? James Sykes, Head of Commercial Cards, Lloyds Bank and David Legg, Head of Corporate Card Products, Lloyds Bank, discuss how the payments industry is helping organisations unlock their true value.
SIGN UP
For your free daily news bulletin
Highways jobs

Principal Human Resources Adviser

Royal Borough of Greenwich
£37722 - £40869 per annum
Principal Human Resources Adviser - 1 year Fixed Term ContractRoyal Greenwich is ambitious in its commitment to residents and to service delivery. We' England, London, Woolwich
Recuriter: Royal Borough of Greenwich

Network Architect

Camden London Borough Council
Competitive Salary
The job holder will require a good understanding of security & connectivity practices in the context of Cloud services preferably Microsoft Azure. Camden, London (Greater)
Recuriter: Camden London Borough Council

Transport Development Officer

North Yorkshire County Council
£39,880 - £43,857 per annum
A flexible working offer that allows you to have a true work/life balance. Northallerton, North Yorkshire
Recuriter: North Yorkshire County Council

Recycling Manager

Camden London Borough Council
£41,952 - £48,663
The position sits within the North London Waste Authority’s (NLWA’s) Strategy and Services team, managing... Camden, London (Greater)
Recuriter: Camden London Borough Council

Traffic Management Officer - Carlisle

Cumbria County Council
£31.346 - £32.234
This role involves working within the traffic team liaising with members of the public and councillors agreeing and... Cumbria
Recuriter: Cumbria 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