Today, the HM Treasury and Projects Authority and The RT Hon David Gauke MP announced an investment of over £500 billion into the infrastructure investment pipeline.
What should we be expecting from the pipeline projects?
The projects include work on the Thames Tideway Tunnel, the rollout of smart meters and upgrading the A14.
The announcement has come quickly after the Chancellors Autumn Statement announcement of the new £23 billion National Productivity Investment Fund. This new fund will contribute to infrastructure investment of over £2.6 billion aimed at improving transport networks. As well as a project focused on accelerating the future of broadband and a £7.2 billion to support the construction of new homes.
The fund is aimed at boosting productivity in the long-term- which is critical to help raise living standards and wages- while also improving living standards in the short-term by making passenger journeys quicker and more reliable, improving broadband connections and building more homes.
If the UK raised its productivity 1% every year, within a decade it would add £240 billion to the size of the economy; which is essentially an extra £9,000 for every household in Britain.