Future growth for the UK Depends on investment in infrastructure
Long overdue action to get our roads, rail, ports, energy and housing infrastructure up to scratch will have a significant multiplier effect on the economy.
A report by Arup and the RAC Foundation indicates that almost one hundred high-value road schemes, that could be implemented relatively quickly, are sitting on the shelf waiting for funding The report – Providing and Funding Strategic Roads [PDF] – identifies 96 different motorway and main road projects which have been assessed by officials to have high benefit/cost ratios but for which there is no cash to proceed.
The funding shortfall is at least £12.8 billion and the majority of the schemes would be the responsibility of the Highways Agency, though a large minority would come under local authority control.
By contrast, the Agency’s investment budget stretches to only £2.3 billion over the four years to 2014/15.
Many of the 96 schemes have exceptionally strong business cases, delivering more than five pounds of economic benefits for every pound invested, and the top ten schemes all give more than six pound of benefits for every pound spent.
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Arlington, Virginia, United States