Chancellor pledges £100bn by 2020 for infrastructure

Chancellor commits £100bn by 2020 for infrastructureChancellor George Osborne has anounced a £100 billion investment in this Parliament for new roads, rail, flood defences and other infrastructure projects.

Launching the new National Infrastructure Commission, led by former Cabinet minister Lord Adonis, the Chancellor said that infrastructure will be at the heart of next month’s Spending Review.

In his statement, he pledged £100 billion in infrastructure spending by 2020 – including full funding for the £15 billion Roads Investment Strategy.

A suite of asset sales which the Treasury expects to raise billions of pounds is being identified to be ploughed back into infrastructure projects that will create thousands of jobs in the trades.

The Chancellor said: “This is about jobs, growth, living standards and ensuring Britain is fit for the future. We must be the builders. At the Spending Review, I will commit to investing £100bn in infrastructure over the next five years and we are creating an independent commission to give us a long-term, unbiased analysis of the country’s major infrastructure needs.

We need to think long-term and deliver a cross-party consensus on what we need to build. I am delighted Andrew Adonis and this world-class group of experts have agreed to come together on the National Infrastructure Commission to help us do that.”

Lord Adonis said: “For Britain to get on with the job of delivering high-quality infrastructure that benefits everyone, you need more than just a commitment to invest – you need long term forward plans and the maximum possible consensus.”

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