The Royal Institute of Chartered Surveyors (RICS) has welcomed the 10-year infrastructure strategy announced by the government, as more details of the plan were shared by chief secretary to the Treasury Darren Jones.
Speaking in the House of Commons, Jones said the plan will bring together economic infrastructure such as transport, energy and waste together with housing and social infrastructure for the first time.
He added:
“Infrastructure is key to unlocking growth across the country. Our roads, railways, airports and digital infrastructure connect people to businesses, public services and one another; our energy, water and housing infrastructures create and support communities; and our schools, hospitals, prisons and social infrastructure provide high-quality public services and help to keep us safe.
“But good infrastructure means improved productivity and efficiency in our economy too: increased resilience to shocks, stronger public services, more jobs and ultimately higher wages for working people.”
The strategy pledges at least £9 billion a year over the next decade for renewal of health, education and justice estates, with ‘vital reforms’ to planning and delivery backed by £725 billion in long-term funding for maintenance and major projects.
RICS CEO Justin Young said the announcement, which follows news of the government’s National Housing Bank, is ‘timely’ and would instil confidence in the construction industry.
“If we are to meet the 1.5 million housebuilding target the Government set last year, we need the critical infrastructure – the roads, schools, hospitals and other social service buildings that go with it.
“It is not enough to just build homes – we must build communities with them, and this starts with a clear, joined-up infrastructure strategy that incorporates long-term thinking and vision.
“This new strategy sets the country on a considerably clearer path and represents a significant shift in how the Government approaches infrastructure and industrial capacity.
“Importantly, it seeks to unlock development across the country while promoting sustainability and energy efficiency. Ongoing skills and labour shortages stifle construction projects and investment in skills for new professionals and upskilling for industry veterans is another promising development.
“Confidence is critical for the construction industry, and this strategy sets a powerful message of intent to meet the challenges of the next ten years.”
The strategy outlines the government’s approach to infrastructure investment across all sectors. The funding commitment follows recommendations from the National Audit Office on the need for long-term, sustainable maintenance funding, which includes £16 billion of new public investment to help build over 500,000 new homes and attract over £53 billion of private investment, announced by the government last week.
