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| Version 1 | Version 2 |
|---|---|
| UK government's infrastructure spending plan unveiled | UK government's infrastructure spending plan unveiled |
| (about 2 hours later) | |
| The government has unveiled its latest infrastructure spending plan for the next two decades. | |
| The National Infrastructure Plan (NIP) includes the government selling off its 40% stake in the Eurostar rail service. | The National Infrastructure Plan (NIP) includes the government selling off its 40% stake in the Eurostar rail service. |
| In all, about £375bn of investment in energy, transport, communications, and water projects is planned. | In all, about £375bn of investment in energy, transport, communications, and water projects is planned. |
| The insurance industry, which has not traditionally been a big infrastructure investor, has also committed to spend £25bn over the next five years. | |
| Redevelopment | Redevelopment |
| The Chief Secretary to the Treasury, Danny Alexander, told the BBC: "The most important thing we've done as a government is create an environment in which people want to come in and invest in British infrastructure." | The Chief Secretary to the Treasury, Danny Alexander, told the BBC: "The most important thing we've done as a government is create an environment in which people want to come in and invest in British infrastructure." |
| But he admitted that the UK had "underinvested... over several decades". | But he admitted that the UK had "underinvested... over several decades". |
| Denying that there was a north-south divide in how spending was being allocated, Mr Alexander said: "There are projects going on in every part of the country." | Denying that there was a north-south divide in how spending was being allocated, Mr Alexander said: "There are projects going on in every part of the country." |
| Previous infrastructure spending programmes have been criticised for slow progress, but Mr Alexander said that of the 646 projects outlined in this plan, 291 had already been completed. | Previous infrastructure spending programmes have been criticised for slow progress, but Mr Alexander said that of the 646 projects outlined in this plan, 291 had already been completed. |
| The NIP projects include: | The NIP projects include: |
| Last month, Eurostar posted a rise in revenues and passenger numbers compared with last summer. | Last month, Eurostar posted a rise in revenues and passenger numbers compared with last summer. |
| Transport | Transport |
| Jeremy Blackburn, UK head of policy for the Royal Institution of Chartered Surveyors (RICS), said the government should prioritise regional transport infrastructure investment. | Jeremy Blackburn, UK head of policy for the Royal Institution of Chartered Surveyors (RICS), said the government should prioritise regional transport infrastructure investment. |
| "The better connected those areas are the easier it is to move passengers, freight, goods and services," he told the BBC. | "The better connected those areas are the easier it is to move passengers, freight, goods and services," he told the BBC. |
| This would attract investment and help create jobs, he argued. | This would attract investment and help create jobs, he argued. |
| RICS also called for more investment in commercial and residential property, and reiterated its support for the HS2 rail project. | RICS also called for more investment in commercial and residential property, and reiterated its support for the HS2 rail project. |
| Simultaneously to the NIP announcement, the insurance industry is unveiling that it will invest £25bn in infrastructure projects. | Simultaneously to the NIP announcement, the insurance industry is unveiling that it will invest £25bn in infrastructure projects. |
| The decision by insurers L&G, Prudential, Aviva, Standard Life, Friends Life, and Scottish Widows to invest in infrastructure follows changes in European rules pushed for by the UK which incentivise investment in a wider range of assets. | The decision by insurers L&G, Prudential, Aviva, Standard Life, Friends Life, and Scottish Widows to invest in infrastructure follows changes in European rules pushed for by the UK which incentivise investment in a wider range of assets. |
| 'Vote of confidence' | 'Vote of confidence' |
| In September, CBI director general John Cridland said the government's infrastructure policy was "faltering" amid fears that it lacked the "political will" to deliver. | In September, CBI director general John Cridland said the government's infrastructure policy was "faltering" amid fears that it lacked the "political will" to deliver. |
| Critics have pointed to data showing infrastructure spending falling in recent times, not rising. | Critics have pointed to data showing infrastructure spending falling in recent times, not rising. |
| But in a speech later, Danny Alexander will say: "The announcement today that six major insurers will invest £25bn over the next five years is a massive vote of confidence in the UK economy. | But in a speech later, Danny Alexander will say: "The announcement today that six major insurers will invest £25bn over the next five years is a massive vote of confidence in the UK economy. |
| "It supports the wider £100bn public investment to rebuild Britain over the next seven years that I announced at the Spending Round 2013. Underground, overground, on shore, offshore, wired or wireless, tarmac or train track. You name it, we're building it right now." | "It supports the wider £100bn public investment to rebuild Britain over the next seven years that I announced at the Spending Round 2013. Underground, overground, on shore, offshore, wired or wireless, tarmac or train track. You name it, we're building it right now." |
| 'Failure' | 'Failure' |
| However, Labour said that despite schemes being announced with great fanfare, little was being done. | However, Labour said that despite schemes being announced with great fanfare, little was being done. |
| "With the country facing a cost-of-living crisis we need to invest in infrastructure to create jobs, boost living standards, and strengthen our economy for the long-term," said Chris Leslie, shadow chief secretary to the Treasury. | "With the country facing a cost-of-living crisis we need to invest in infrastructure to create jobs, boost living standards, and strengthen our economy for the long-term," said Chris Leslie, shadow chief secretary to the Treasury. |
| The government's record on infrastructure had been one of "complete failure", he said. | The government's record on infrastructure had been one of "complete failure", he said. |
| "The Office for National Statistics says that infrastructure work is down 3.7% in the last year, and fell by 10% in 2012. | "The Office for National Statistics says that infrastructure work is down 3.7% in the last year, and fell by 10% in 2012. |
| "Scheme after scheme has been announced to great fanfare but then little actually delivered," he said. | "Scheme after scheme has been announced to great fanfare but then little actually delivered," he said. |
| Katja Hall, the CBI's chief policy director, said: "We've been calling for a more focused approach on infrastructure projects and look forward to seeing the fourth National Infrastructure Plan. As ever the devil will be in the detail on timelines and delivery." | Katja Hall, the CBI's chief policy director, said: "We've been calling for a more focused approach on infrastructure projects and look forward to seeing the fourth National Infrastructure Plan. As ever the devil will be in the detail on timelines and delivery." |
| She added: "With the majority of national infrastructure projects earmarked to be delivered by the private sector, the insurance industry's £25bn investment is good news." | She added: "With the majority of national infrastructure projects earmarked to be delivered by the private sector, the insurance industry's £25bn investment is good news." |