Budget 2016: Infrastructure Investment

Budget 2016Infrastructure Investment

Winning with

The UK Budget 2016 saw a continuation of the Conservative Government’s commitment to

National Infrastructure.

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Following the National Infrastructure Commission’s focus on:

• Transport• Housing

• Community Projects• Energy• Media


The investment will boost local and

international businesses that rely on UK infrastructure for trade, logistics and power...


By funding key projects across various sectors, including...


Transport• £61 billion pledged for the transport network over this Parliament.

• £300 million for improvements to northern transport connectivity.

• £151 million from the Local Majors Fund to fund transformative local transport projects.

• £151 million from the Local Majors Fund for the Lowestoft 3rd Crossing and the Ipswich Wet Dock Crossing.

• £130 million extra to repair roads and bridges damaged by Storms Desmond & Eva.

• £80 million to develop Crossrail 2 (and asking TfL to match this investment).

• £75 million for a Trans-Pennine tunnel under the Peak District between Sheffield and Manchester, as well as advancing the A66, A69 and north-west quadrant of the M60.

• Approving High Speed 3 between Leeds and Manchester.

• Launching the second Roads Investment Strategy, which will determine the investment plans for the period from 2020-21 to 2024-25.

• Accelerating the upgrade of the M62 to a four-lane smart motorway.


Housing• £1.2 billion to local authorities for the Starter Homes Land Fund to remediate brownfield

land.

• £700 million extra investment in flood defence spending by 2020-21, including a £40 million per annum increase in maintenance expenditure investment for flood defence schemes in

Leeds, York, Calder Valley, Carlisle and wider Cumbria.

• £250 million of capital spending from2017-19 for delivery of 13,000 affordable homes two years early.

• £175 million ring-fenced funding for homes in East Anglia.• Unlocking housing and jobs in the Cambridge-Milton Keynes-Oxford corridor.

• Red tape reduction on Garden Towns and consultation on a second wave of Compulsory Purchase Order (CPO) reforms.


Community Projects• £1.8 billion (maximum) funding will be allocated through a further round of Growth Deals with Local Enterprise

Partnerships by 2017.

• A further £2 billion of the Local Growth Fund is being allocated through the Home Building Fund.

• £1.2 billion City Deal for the Cardiff Capital Region.

• £900 million for a devolution deal with East Anglia, over 30 years.

• £900 million for a devolution deal with the West of England, over 30 years.

• £125 million commitment to the Aberdeen City Deal.

• £50 million to the Quadram Institute.

• £14 million to the STEAMhouse Birmingham Arts Centre.

• £13 million to Hull UK City of Culture 2017.


Energy

• £50 million pledged to innovate energy storage, demand-side response and other smart technologies over the next five years.

• £100 million Network Innovation Competition to maximise energy projects (the details of which will be discussed later in 2016).

• £730 million value of Contracts for Difference on renewables, up for grabs in auctions; with the first auction of £290 million.

• £30 million for a Small Modular Nuclear Reactor SMR-enabling advanced manufacturing R&D programme to develop nuclear skills capacity.

• Consultation on the Shale Wealth Fund.


Media• £20 million Institute for Coding competition continuation.

• £15 million for the National Institute for Smart Data Innovation in Newcastle.

• £14.5 million in grants to extend ultrafast broadband coverage in the South West.

• Assessing UK rollout of 5G, using a case study of the South West of England.

• Establishing a new Broadband Investment Fund, in partnership with private sector investors, to support the growth of alternative broadband networks by

providing greater access to finance.


UK Government says: “We are giving the green light to High Speed 3 between Manchester and

Leeds; finding new money to create a 4-lane M62; and will develop the case for a new tunnelled road from Manchester to Sheffield.

“We’re making the Northern Powerhouse a reality and rebalancing our country.

““Across Britain this Budget invests in infrastructure – from a more resilient train line in the South West, to crossings at Ipswich and Lowestoft in the

East – we are making our country stronger.”

Chancellor of the Exchequer, George Osborne MP.


Industry says:

“We welcome the funding announced for further analysis of the Trans-Pennine tunnel, HS3 and Crossrail 2. This should help provide clarity

around the commercial, technical and environmental feasibility of the projects.

“Like with any mega-projects, these three projects have significant hurdles to overcome and this will take time.”

PwC transport and infrastructure partner, Richard Abadie.


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Budget 2016: Infrastructure Investment

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