The ICE has welcomed Liberal Democrat proposals for a national infrastructure bank, announced by its Treasury spokesman Vince Cable at the Civils 2009 last week.
In his speech, Cable said he wanted to create a step change in infrastructure investment to create jobs, increase competitiveness, promote environmental sustainability and boost economic recovery.
He also acknowledged the ICE’s commitment to promoting investment by pushing the case for a national infrastructure bank and working to identify the need for alternative funding models, and the promotion of ideas outlining how such a bank could work. The ICE has been calling for the establishment of a national infrastructure bank to ensure vital infrastructure projects get the funding they need.
The ICE believes having a secure source of long term financing will support projects that will strengthen UK competitiveness and help with the transition to a low carbon economy.
Responding to Cable’s speech ICE director general Tom Foulkes said: “It is very encouraging to see the concept of a national infrastructure bank gain support from the Liberal Democrats today. The ICE has been calling for the creation of such a bank in the UK for some time and we have seen a range of figures from across the political spectrum express their interest over recent months.
“It is vital that we find a way of ensuring that adequate long term funding is available to develop our transport, energy, water and waste management networks on a continuous basis and at an acceptable cost to consumers. And as Vince Cable has said, a national infrastructure bank offers a vehicle with which to do this.
“A national infrastructure bank is not about spending more money.
“It is about saving money in the long term, while ensuring a secure source of funding for crucial infrastructure projects that will aid the transition to a low carbon economy and strengthen UK competitiveness.
“Any government determined to make a success of the future UK economy must protect investment in its critical infrastructure”.
The ICE said it will continue working with politicians, industry and economic experts, to develop ideas on exactly how the bank can work.