Chancellor Rishi Sunak pledges £100bn to transform UK’s infrastructure

As per the statement of chancellor Rishi Sunak, Britain’s first nationwide infrastructure plan would provide a “once in a lifetime investment” of approximately £100 billion to drive the nation’s recovery from the COVID-19 crisis.

Rishi Sunak laid out a new plan for the highest continuous levels of public investment in over four decades as the UK federal government tried to offset a grim economic prediction in the wake of the coronavirus outbreak.

Sunak stated that the £100 billion spending plans for the subsequent year are over £27 billion more than the past year in actual terms, and over the upcoming 4 years government expenditure on infrastructure would increase to £600 billion.

The new infrastructure strategies are mainly designed for rebuilding the economy by creating a lot of new job opportunities while improving the nation’s full-fiber broadband cables, railways, and roads along with investing in a greener infrastructure to assist in creating a “net zero” economy by the year 2050.

Moreover, these plans also assure to spread the investment across all of the UK with the assistance of a novel national infrastructure bank, situated in the north of England, for investing in infrastructure projects together with private investors.

The infrastructure strategy of Sunak also plans to assist in delivering nearly 860,000 new homes by investing around £7.1 billion into “the biggest ever funding” in novel community facilities, cycle lanes, roads, enhanced 4G, as well as well-improved 4G broadband throughout 95% of the UK by the year 2025, with a view to help novel housing developments throughout the nation.

Sunak also announced a brand new “levelling up” fund of approximately £4 billon along with possible changes to the rules used by officers to make important investment decisions, often called as the Green Book, to approve projects which help in supporting the levelling up plan of the government.

Source credit: https://www.theguardian.com/politics/2020/nov/25/rishi-sunak-sets-out-100bn-investment-in-infrastructure