World class infrastructure for a world class cityApril 30, 2013
The Committee of Public Accounts has published a report in response to the Treasury’s infrastructure plan. The Committee chair, Margaret Hodge, said that “the Treasury’s infrastructure plan is simply a long list of projects requiring huge amounts of money, not a real plan with a strategic vision and clear priorities”. The report sets out five conclusions and recommendations under the following headings –
1. The Treasury’s Infrastructure Plan is a list of projects, not a real plan with a strategic vision and clear priorities.
2. Uncertainty over government policy can deter or delay investment in infrastructure projects and lead to additional costs.
3. It is not clear what level of Government support will be required to ensure that these investment projects proceed.
4. Investors must accept some degree of transparency over their costs, risks and rewards in delivering infrastructure projects given that the costs of government support will ultimately fall on taxpayers and consumers.
5. Consumers will bear the brunt of the costs of the projects in the Infrastructure Plan through higher charges but the burden they face has not been quantified.
The full report and detailed recommendations can be found here.
London First’s 2010 report ‘World Class Infrastructure for a World Class City’ can be found here, with our 35 recommendations to delivery short, medium and long term improvements to the way London’s infrastructure is run, planned, financed and delivered.