Improvements to transport, energy and IT communications could boost the economy by £10 billion a year, a report by business leaders have said.
The Government should invest in a long-term infrastructure plan for the UK or face putting its economic future at risk, said the report from the Business Infrastructure Commission (BIC).
Transport, energy and information communication technology improvements could increase the GDP (gross domestic product) by an additional 0.7% a year, the commission said.
The report urged the Government to focus on five pieces of infrastructure. They included a detailed long-term infrastructure strategy, procurement reform and improvements to the planning system for major projects.
The BIC said these had to go hand-in-hand with attracting private finance, and ensuring the UK had the right skills to deliver national and regional infrastructure projects.
Responding to the report, ICE director general Tom Foulkes said: “The need to think strategically and secure targeted investment in our infrastructure networks is becoming ever more pressing.
“The Government must now focus on attracting inward investment and translating its plans into actions that pave the way for infrastructure to become the economic driver it promises.”