£375bn planned for UK Infrastructure spending

UK’s infrastructure spending plan for the next two decades, dubbed as a “blueprint for Britain” has been unveiled.

13:24 04 December 2013

Based on government’s infrastructure spending plan that was recently unveiled, the UK will sell of its 40per cent stake in the Eurostar rail service. It will also invest about £375bn in energy, transport, communications, and water projects.

Speaking at the Institute of Civil Engineers in Westminster, Danny Alexander, Chief Secretary to the Treasury, talked about the “blueprint for Britain”, which is expected to lead to long-term sustainable growth.

He added: "Underground, overground, on shore, offshore, wired or wireless, tarmac or train track. You name it, we're building it right now.”

Meanwhile, the insurance industry has also announced the plan to invest £25bn in a range of infrastructure projects.

Group chief executive Tidjane Thiam said: "As a major long-term investor in the UK, Prudential is pleased to commit to harness our financial strength for the benefit of the UK economy. This initiative will help achieve sustainable economic growth."

However, Chris Leslie, the Shadow Chief secretary to treasury, isn’t very optimistic about the plans. He said: "The Office for National Statistics says that infrastructure work is down 3.7% in the last year, and fell by 10% in 2012. Scheme after scheme has been announced to great fanfare but then little actually delivered.”