The Chancellor of the Exchequer used his Spring Statement to reiterate the commitment significant investment on rail and road projects.
Philip Hammond delivered said in his Spring Statement that the National Productivity Investment Fund would deliver “the largest ever investment in England’s strategic roads,” while also declaring it “the biggest rail investment programme since Victorian times.”
The Fund in question is worth £37 billion and is, according to the Chancellor, investment in infrastructure that will provide a sustainable path to higher wages, rising living standards and increased productivity.”
The rail industry in particular is expecting a bumper few years, with Control Period 6 (CP6) set to begin, with a record investment of £35 billion in Britain, and the government has reaffirmed its commitment to infrastructure spending in transport.
However, it won’t just be London; the Chancellor said “our investment strategy is benefiting the whole of the UK.”
In his Spring Statement speech, Mr Hammond also reiterated the commitment to Northern Powerhouse Rail and also spoke about the business plan put forward by Transport for the North (TfN).
The latter’s Strategic Transport Plan, lasting over 30 years, will provide sustained transport infrastructure investment throughout the region, delivering hundreds of thousands of jobs and adding billions of pounds to the economy – all of which are aims of the Spring Statement.
And Mr Hammond said the National Infrastructure Strategy will be published alongside the Spending Review, which will be released once investment plans like the Strategic Business Plan are considered.
He said: “I can announce up to £260 million for the innovative Borderlands Growth deal covering the border regions of England and Scotland, on top of the £100 million HIF funding already announced for Carlisle.
“Negotiations are progressing on future deals for mid-Wales and Derry/Londonderry, and I reiterate this government’s commitment to the Northern Powerhouse Rail project, and look forward to considering TfN’s business case ahead of the Spending Review.
“We will publish the updated National Infrastructure Strategy alongside the Spending Review.”