The chief secretary to the Treasury has set out plans to end what the Government described as 'a cycle of underinvestment and instability that has plagued the UK’s infrastructure systems for over a decade'.
Darren Jones announced a new National Infrastructure and Service Transformation Authority (NISTA), which will 'get a grip of delays' by bringing strategy and delivery together to address 'systemic challenges' and overseeing a 'decade of renewal'.
In a speech at Skanska’s national headquarters, Mr Jones raised concern that investor confidence has been shaken by a cycle of underinvestment and instability that has 'plagued' the UK’s infrastructure.
He highlighted statistics showing that the UK has historically ranked lowest among the G7 for investment, alongside the lowest public capital stock in the G7, 15% below its average.
Mr Jones said: 'This new body will get a grip on the delays to infrastructure delivery that have plagued our global reputation with investors. It will restore the confidence of businesses to invest and help break the cycle of low growth.
'NISTA will bring a much-needed oversight of strategy and delivery under one roof, supporting the development and implementation of the ten-year infrastructure strategy in conjunction with industry, while driving more effective delivery of infrastructure across the country.'
He also confirmed the Government’s objectives, priorities, and vision of the nation’s infrastructure over the next decade through a draft ten-year infrastructure strategy.
The green paper points to a debilitating lack of strategic clarity as a root cause, that has increased the delay of decisions for national infrastructure by up to 65% since 2012.
