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

Finance Officer - 12 month Fixed Term Contract

Essex County Council
£25081.00 - £27653.00 per annum + + 26 Days Leave & Local Gov Pension
Finance OfficerFixed Term, Full Time£25,081 to £27,653 per annumLocation
Recuriter: Essex County Council

Principal Highway Engineer – Highway Condition Specialist

W.D.M. Limited
£65,000 - £80,000 based on experience
We are looking for a driven and experienced Professional Civil Engineer with a strong background in highways engineering to join our team. Bristol
Recuriter: W.D.M. Limited

Deputy Head of Pensions

London Borough of Richmond upon Thames and London Borough of Wandsworth
£48,873 - £62,451 dependents on experience
The Pensions Finance team has a variety of work shared in a small team giving the opportunity to get involved in every area. The team provides financial and investment support to Wandsworth Council’s £3bn pension fund, the Southwest Middlesex Cremato Wandsworth, London
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Adults Social Worker - Forensic Mental Health

Essex County Council
£37185 - £50081 per annum + Flexible Working
This position is open to Newly Qualified Social Worker's (NQSW) with relevant experience in Mental Health. The starting salary for NQSW's is £34,902 England, Essex, Wickford
Recuriter: Essex County Council

Policy and Procedure Coordinator

Durham County Council
Grade 9 - £35,412 - £39,152
Policy and procedure coordinator 18.5 hours ( working pattern to be agreed)   Are you a qualified Social Worker with experience of working with childr Spennymoor
Recuriter: Durham County Council
Linkedin Banner