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27th June 2013
Following yesterday’s Spending Round the Chief Secretary, Danny Alexander, has announced further details to the Government’s long term investment ambitions. These are also set out in the Treasury’s report, Investing in Britain’s future. The announcement confirmed the Government’s commitment to a number of specific projects and investment programmes.
Glenigan customers can easily find details of all 34 projects included in the Government Infrastructure Investment Programme by entering a search for 'IIP' when logged in to MyGlenigan.
Transport expenditure is set to rise progressively from £9.1 billion in 2015/16 to addition to the £15.4 billion in 2020-21. The Highways Agency Budget more than doubles for £1.5 billion to £3.7 billion over the same period, indicating that many of the announced road projects will be constructed towards the end of the decade. The Government expects all of the road schemes currently in the Highways Agency Pipeline. However one early beneficiary is the £1.5 billion A14 scheme between Huntingdon and Cambridge, with work now expected to start on site in 2016. Other schemes include an additional 221 miles of hard shoulder running on the busiest parts of the motorway network
Rail investment continues to account for a large slice of transport investment, with £16 billion earmarked for High Sped 2 during the next parliament alongside £22 billion of investment by Network Rail.
The planned acceleration of the Priority Schools Building Programme will be especially welcomed by the construction industry, with the re-building of 261 of the worst schools expected to be completed by 2017. The majority of the projects in the programme will be funded under PF2.
The Government is providing £3.3 billion for affordable housing between 2015-16 and 2017-18. Whilst this represents a decline in capital funding, the Government is looking to housing associations to delivery 165,000 new affordable homes in England. Associations are to supplement the available public funds with a growing slice of private sector borrowing and social rents are to rise by 1% per annum over the rate of inflation.
Support is planned through the UK Guarantee Scheme for the Mersey Gateway Bridge and Hickley Point nuclear power station. The Government has also published the strike prices for various forms of low carbon energy generation which are expected to unlock private sector investment in renewable energy capacity.
How will the Spending Round impact UK construction? FREE download here (PDF. 0.3mb)
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