Chancellor George Osborne has launched the National Infrastructure Commission (NIC) to oversee £100bn of spending on infrastructure projects.
Forming part of the November spending review, the money, which is expected to be utilised by 2020, will be spent on vital projects such as road, rail and flood defence improvements.
Amongst these “vital projects” will be a £15bn road investment strategy, London transport improvements expected to form part of Crossrail 2, energy projects and better links between cities in the North.
The eight man-strong commission, led by former transport secretary Lord Adonis, announced at the conservative party conference in October is designed to review and set infrastructure priorities with cross-party consensus, as well as holding to account any unnecessary delays in spending and progress.
The launch has been welcomed by the industry, including ASSA ABLOY UK Specification, a division of ASSA ABLOY UK, the global leader in door opening solutions.
David Wigglesworth, Managing Director of ASSA ABLOY UK Specification, said: “Most UK companies and indeed foreign investors will welcome any commitment to improving the UK’s infrastructure. Having been involved in the first Crossrail project it is clear to see how any major project can boost UK businesses and drive the construction industry, affecting manufacturers and service providers at every level.
“In addition to the revenue generated by the infrastructure projects themselves it is vital that the UK has strong transport links and energy resources to encourage investment and the development of other construction projects. A recent CBI and AECOM survey found that infrastructure was the top concern for companies trying to invest with 94% of respondents saying that infrastructure was a key deciding factor in planning their investments. As it is such a critical factor in the economic and social development of the UK, it is important that a body such as the NIC is set up to deliver long-term strategies that create the right legacy for the UK.
“The UK has always been seen as a pioneer in infrastructure, yet it is fair to say in recent years we have lagged behind, affecting not only investment in major construction projects at a UK level but also affecting the how we are viewed as a potential investment source by overseas investors. The NIC should help to drive infrastructure projects forward, which will have a positive impact on other projects and the UK economy.”
