Uncertainty over the deficit and the cuts required to reduce it are reinforcing the need for a national infrastructure investment bank says the ICE.
Commenting on the lack of detail on the public spending deficit and where cuts are needed in order to meet reduction targets ICE director general Tom Foulkes said: “The uncertainty over the scale of the deficit and the cuts required to reduce it, only reinforces the need for an infrastructure investment bank. Sustained investment in infrastructure is crucial in achieving medium and long term economic growth.
“Sustained investment in infrastructure is crucial in achieving medium and long term economic growth.”
ICE director general, Tom Foulkes
“Such a bank must be large enough to fund the £500bn investment in infrastructure required over the next decade,” he said.
Foulkes added that there was a strong case for a bank drawn on domestic and international capital markets and pension funds.
The ICE has long been campaigning for an infrastructure bank to ensure that nationally significant infrastructure projects, such as the high-speed rail network, have a secure source of funding.