Chief Secretary to the Treasury, Danny Alexander, will announce today the next stage of the government’s economic infrastructure plan, with specific plans for more than £100 billion of infrastructure projects.
The news came after Chancellor George Osborne delivered his Spending Round 2013 statement in which he stated that the government will commit £100 billion to new infrastructure projects.
Mr Osborne said: “The Department for Transport will make a 9 per cent saving in its day to day resource spending, bearing down on the running costs of Transport for London and rail administration; but its capital budget will rise to £9.5 billion – the largest rise of any part of Government. And we will repeat that commitment for every year to 2020.”
The Chancellor argued that this will be the largest investment in our railways since the Victorian age.
He added: “With the legislation before this House today, we should give the green light to HS2 – a huge boost to the north of England and a transformation of the economic geography of this country.”
The Chancellor also mentioned that the Mayor will receive almost £9 billion of capital spending and additional financing power to the end of this decade.