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Spending review: Transport and energy to get share of £100bn | Spending review: Transport and energy to get share of £100bn |
(35 minutes later) | |
Energy and transport will be the focus as the government reveals later how £100bn will be spent on infrastructure projects across the UK. | Energy and transport will be the focus as the government reveals later how £100bn will be spent on infrastructure projects across the UK. |
Nuclear and new sources of energy, and roads and railways, will be a big part of a raft of projects for 2015-20. | Nuclear and new sources of energy, and roads and railways, will be a big part of a raft of projects for 2015-20. |
But it is unclear how soon projects will start construction and Labour says investment is needed much quicker. | But it is unclear how soon projects will start construction and Labour says investment is needed much quicker. |
The details follow Wednesday's Spending Review, in which £11.5bn of cuts to Whitehall departments were announced. | |
Chancellor George Osborne said on Wednesday the £100bn for 2015-2020 would "raise our national game" and promote growth. Chief Secretary to the Treasury Danny Alexander will unveil the details in the Commons later. | |
Electricity price | Electricity price |
The BBC understands the focus will be on energy. | The BBC understands the focus will be on energy. |
The nuclear sector has long complained of a lack of government backing for new power stations - in particular agreeing a price for the electricity they will produce - so the government will try to show that commitment by promising money for the industry. | The nuclear sector has long complained of a lack of government backing for new power stations - in particular agreeing a price for the electricity they will produce - so the government will try to show that commitment by promising money for the industry. |
The transport plans are expected to focus more on roads than railways. | The transport plans are expected to focus more on roads than railways. |
One scheme thought to have been under consideration is for improvements on the A14, which runs from Catthorpe, in Leicestershire, to Felixstowe, in Suffolk. | One scheme thought to have been under consideration is for improvements on the A14, which runs from Catthorpe, in Leicestershire, to Felixstowe, in Suffolk. |
Mr Alexander's announcement is also expected to include plans to build schools and for investment in scientific research. | Mr Alexander's announcement is also expected to include plans to build schools and for investment in scientific research. |
The first £50bn will be committed to infrastructure projects starting in 2015-16 and the rest for 2016-20. | The first £50bn will be committed to infrastructure projects starting in 2015-16 and the rest for 2016-20. |
Treasury sources said "a lot of building will start this side of the [2015] election". | Treasury sources said "a lot of building will start this side of the [2015] election". |
Mr Osborne said in his Spending Review statement on Wednesday: "Successive governments of all colours have put short-term pressures over the long-term needs and refused to commit to capital spending plans that match the horizons of a modern economy. | |
Real-terms fall | Real-terms fall |
"Today we change that, from roads to railways, bridges to broadband, science to schools." | "Today we change that, from roads to railways, bridges to broadband, science to schools." |
The £50bn for 2015-16 represents a real-terms fall of 1.7% from the infrastructure budget for 2014-15. | The £50bn for 2015-16 represents a real-terms fall of 1.7% from the infrastructure budget for 2014-15. |
But the coalition says the figure is still higher than the one Labour was planning when it was ousted from power in 2010. | But the coalition says the figure is still higher than the one Labour was planning when it was ousted from power in 2010. |
A lack of consistent economic growth led ministers to make the further cuts of £11.5bn in its 2015/16 Spending Review, as tax receipts have been lower than expected. | A lack of consistent economic growth led ministers to make the further cuts of £11.5bn in its 2015/16 Spending Review, as tax receipts have been lower than expected. |
In the review, the chancellor announced several measures aimed at saving money, including: | In the review, the chancellor announced several measures aimed at saving money, including: |
Mr Osborne said the economy was "out of intensive care". | Mr Osborne said the economy was "out of intensive care". |
But shadow chancellor Ed Balls said the government had presided over declining living standards and that the deficit had risen in the last year. He called for an immediate £10bn boost to infrastructure spending. | But shadow chancellor Ed Balls said the government had presided over declining living standards and that the deficit had risen in the last year. He called for an immediate £10bn boost to infrastructure spending. |