The government must make infrastructure investment a top priority in this year’s Autumn Statement, according to the Confederation of British Industry (CBI).
The CBI, which represents 190,000 UK businesses, has called for a £6bn increase in public spending each year, with part of this allocated to investment in essential local transport infrastructure.
It is also proposing fast delivery of more than £425bn worth of planned infrastructure investments with clear timeframes and implementation plans, in particular on roads and rail investment including the transformation of the A303/A30/A358 corridor to Land’s End to an expressway, and the dualling of the A1 from Newcastle to Scotland.
“The chancellor should capitalise on the UK’s core strengths, setting out a pro-enterprise agenda that instils confidence and kick starts investment,” said CBI director general Carolyn Fairbairn.
“With huge variations in productivity between different parts of the country, the top priority must be to set out a programme that will get our regions firing on all cylinders and supports businesses to innovate, invest and create jobs in the years ahead.”
She added: “With interest rates at rock bottom, now is the time for the UK to put serious effort into improving our creaking infrastructure. We would like to see £6bn more spent each year on public investment: improving our transport and digital network, building more homes and extending regional funding.
“This can be achieved by increasing public sector net investment to 2% and delivering on previous infrastructure project commitments.”