Government pledges multi-billion-pound investment in construction to fuel growth in the sector and level up the UK
The government has promised a huge cash investment in the construction sector to fuel growth and provide thousands of construction jobs kicking off its pledge to level-up the UK. The core of this investment will focus on the below projects:
£27.5bn investment in roads until 2025
£23bn continued funding for the HS2 high-speed rail line project until 2025
£7.1bn for the new National Home Building Fund
£4bn “Levelling Up” fund, which allows regions to apply for up to £20m to fund local construction projects.
The government is also looking to setup a new UK infrastructure bank in the North of England that will oversee co-investments in infrastructure projects alongside the private sector. The new infrastructure bank will also replace the European Investment Bank (EIB) after Brexit and will be able to better align support with the goals of the UK government.
A bulk of the levelling up fund, some £4bn, is set to be spent in regions of the UK that have been overlooked for some time with a real focus on the North and the government has promised a shift of focus from the South East. Public transport is one area of focus with the government stating, “all but one of the major new capital projects in the next few years will be outside the South East”. The investment in public transport does not include the controversial HS2 project, a separate £22.6bn fund has been allocated to that project that will run until the end of the financial year 2024/25.
Discussing the governments huge investment in construction and levelling up the UK, Boris Johnson said: “For decade after decade, governments of every political stripe have failed to invest enough in the UK’s regions and nations. It is one of the reasons why the quality of our national infrastructure has fallen behind that of other countries. This strategy will change that.”
He said the government would address long-standing inequalities, particularly in transport, between different parts of the UK. He said London and South East schemes such as Crossrail and the future Lower Thames Crossing have been invested in previously, but that spending will be shifted to other parts of the country in future.
“On our major A roads and motorways, two thirds of our upgrades are outside south-eastern England, including dualling of the A303 to the South West and completing the first TransPennine dual carriageway in 50 years. Northern Powerhouse Rail will connect Leeds and Manchester, and we will help make bus and rail networks in those and other city regions as good as Greater London’s.”
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