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

Customer Services Assistant

Essex County Council
Up to £25959.00 per annum
Customer Services AssistantPermanent, Part Time£25,959 per annumLocation
Recuriter: Essex County Council

Driver/Loader

Ribble Valley Borough Council
Scale 5 (scp 16-19) £30,518 to £32,061 per annum
You will deliver a comprehensive refuse and recycling service for the Council, Clitheroe, Lancashire
Recuriter: Ribble Valley Borough Council

English Teacher

Durham County Council
£45,352
English Intervention Teacher Casual Contract for one year- 100 hours minimum each year.  Extra casual hours available to suit throughout the school ye Durham
Recuriter: Durham County Council

School Crossing Patrol

Durham County Council
Grade 1 £4,106 (approx.) £12.85 per hour
Join our School Crossing Patrol Service! Are you punctual and reliable? Do you have good communication skills and a strong sense of community spirit? Durham
Recuriter: Durham County Council

Maths Teacher

Durham County Council
£45,352
Maths Intervention Teacher Casual Contract for one year -100 hours minimum each year.  Extra casual hours available to suit throughout the school year Durham
Recuriter: Durham County Council
Linkedin Banner