Political think-tank Policy Exchange last week lent support to the ICE’s own calls for a new model to finance the upgrade and ongoing maintenance of the nation’s critical infrastructure.
Its report − Delivering a 21st Century Infrastructure for Britain − highlights the need for further and continued investment in infrastructure to meet future demands.
The report proposes a number of methods to finance infrastructure, including an alternative funding model in the form of a national infrastructure bank, to help prioritise and fund new projects.
ICE director general Tom Foulkes said it was encouraging to see ICE’s recommendations being echoed by other bodies.
“Long-term underinvestment in our infrastructure has made it weak and this now threatens Britain’s global economic competitiveness as well as the well being of society.”
“We very much welcome the call for further investment in national infrastructure. Long-term underinvestment in our infrastructure has made it weak and this now threatens Britain’s global economic competitiveness as well as the well being of society.
“In particular, the establishment of an alternative funding model to help finance infrastructure is crucial and we fully support the proposal for a national infrastructure bank.”
Policy Exchange estimates that to improve energy, transport, waste and water networks to the level needed to secure the UK’s continued global competitiveness and growth, investment to the value of £500bn will be needed by 2020.