“With numerous policies already unveiled, today’s Budget offered few surprises for industry. While not all new spending, the £5.7bn earmarked for integrated transport settlements for city regions is welcome. Regional train, tram, bus and cycle projects have an integral role to play in helping the country level up, linking smaller towns and communities into a city region network. The infrastructure sector stands ready to work with local leaders and communities to drive investment and develop new, innovative funding mechanisms.
“A disappointing omission from the Chancellor’s speech was any long-term spending decisions around the delivery of larger projects. Long-term projects such as the eastern leg of HS2 and Northern Powerhouse rail are key to boosting the country’s post-COVID economy. We hope the much-anticipated Integrated Rail Plan will include a commitment to deliver HS2 in full and provide further clarity around rail plans for the North and Midlands.
“The increase of £44bn for healthcare over the course of this parliament is much needed, and while the government’s continued commitment to its New Hospitals Programme is welcome, more detail around funding is still needed to support the delivery of this vital multi-year capital programme. The proposed increase in R&D investment will help ensure the UK’s science and research sector maintains its position in a competitive global arena. In particular, the new £1.4bn Global Britain Investment Fund that will support the relocation of companies in this space should help bring back more business and talent to the UK.
“We share the Chancellor’s vision for developing a high-wage economy by investing in skills, apprenticeships and T-levels. Attracting talent through a variety of routes is vital for building capacity in the built environment. The £1.6bn to support 16-19 year olds’ education in England, including the expansion of T-levels, will bring new educational opportunities, helping to build a future pipeline of talent that will be key to closing the UK’s STEM skills gap. Government, academia and industry must now work together to ensure the new T-levels equip the next generation with the right technical skills our sector needs.
“Given the release last week of the government’s Net Zero and Heat and Buildings strategies, we were not expecting any new high-profile net zero-related announcements in the Budget. We can’t reach net zero without innovation so we welcome any government support for the development of new green technologies and industry.
“The Chancellor was clear that he sees investment in infrastructure, innovation and skills as our route to economic recovery. The infrastructure sector is ready to deliver this ambition, but what we need now is more certainty around when and how major infrastructure will be phased and delivered.” – Colin Wood, Chief Executive, Europe and India, AECOM
