Rachel Reeves MP, Labour’s Shadow Chief Secretary to the Treasury, responding to the National Audit Office report on infrastructure, said:
“Investment in infrastructure is vital to our economy’s short term recovery and our long term prosperity. But the worrying fact is that, half-way through the Tory-led Government’s term of office, few of the major projects promised in the National Infrastructure Plan have even started work.
“Deep cuts to capital spending mean the Government is investing less in infrastructure in every year of this Parliament than in the last year of the previous Government. Meanwhile private sector investment has been hit by weak demand and confidence in our flat-lining economy, and uncertainty resulting from the Treasury’s dithering, delay and lack of leadership.
“We need a comprehensive long-term plan to rebuild Britain’s infrastructure for the 21st century, and a cross-party consensus to deliver it. And at a time when government budgets are tight, we must think innovatively about how we can finance these vital projects over the coming decades, drawing on the private sector and long-term pension savings. That’s why we have asked Sir John Armitt, the chair of the Olympic Delivery Authority, to consider how long-term infrastructure decision-making, planning, delivery and finance can be radically improved.”