The package includes funding for new homes, road maintenance, new sources of energy - including shale gas - and an outline agreement on flood insurance. A map of the UK illustrating capital spend by region/nation is available at this link:
http://www.flickr.com/photos/hmtreasury/9148222997/sizes/o/
Commenting on the roads announcements in the £100bn infrastructure plan set out yesterday - Institution of Civil Engineers (ICE) Director General, Nick Baveystock, said: “Government’s commitment to provide our strategic roads network with the long-term funding certainty it needs is excellent news and should signal the end of the ‘stop and start’ funding which has hindered effective maintenance and management of this vital asset for too long.
“The £10bn investment for road repairs, with £6bn allocated for local roads, is also a positive step and will go some way to clearing the £10.5bn local roads backlog. These funds however, must be complemented by a focussed, joint central and local government programme for the work. Given the significant pressure on local authority budgets, this will ensure the funds are protected, spent in a cost efficient way and do ultimately result in improved road conditions for the UK.”
Regarding energy announcements in the £100bn infrastructure plan, he said:“Extension of the Government’s guarantee scheme and the inclusion of a guarantee advancing Hinkley Point C is a welcome and sensible step, demonstrating Government’s commitment to the role of nuclear as part of a wider energy mix that can achieve a secure and decarbonised energy supply and meet the challenges of security and affordability.
“Confirmation that guaranteed strike prices for renewable energy sources will be set out ahead of plan is also encouraging. As Government knows, to be a catalyst for increased certainty and clarity on long term strategic direction, swift agreement will be needed. Passage of the Energy Bill however, also remains crucial if we are to establish a stable policy environment and build greater confidence within industry and among investors.”
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