A system of infrastructure accounting is urgently needed to keep track of what is required and where, according to the Association for Consultancy and Engineering (ACE).
As the ACE notes, the UK is facing a ‘crunch’ on infrastructure investment as public spending is set to fall dramatically.
There is no account of the state of the UK’s infrastructure as there has been for many years in sectors such as goods or services.
To better target infrastructure investment, the ACE wants a better understanding of the UK’s existing infrastructure base. It says a National Infrastructure Account (NIA) is needed to give an informed appraisal of where investment is needed.
ACE chief executive, Nelson Ogunshakin, said: “An infrastructure account is especially helpful during an economic downturn but will prove be a useful tool for policymakers at any time. Keeping an account of the UK’s infrastructure will mean that the national policy conversation will be better informed and lead to the right decisions being made for the long-term.”
The NIA would allow decision makers to make better informed spending decisions. Data collected would enhance the collective understanding of where gaps in infrastructure lie, ACE believes.
Nelson Ogunshakin added: “ACE will be taking this idea to government and the opposition parties. We believe this is a policy instrument that should attract cross-party support.”