A new National Infrastructure and Service Transformation Authority (NISTA) will bring together infrastructure strategy and delivery and ‘get a grip’ on the delays to development, the UK Government says.
Chief Secretary to the Treasury, Darren Jones, has outlined plans for the body, which he said would restore investor confidence.
The Chief Secretary warned that investor confidence had been shaken by a cycle of underinvestment and instability that has plagued the UK’s infrastructure’s systems, with 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.
Darren Jones, Chief Secretary to the Treasury 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.”
He said NISTA would support the development and implementation of a ten-year infrastructure strategy in conjunction with industry, while driving more effective delivery of infrastructure across the country.
He also stressed the ‘urgent need’ to speed up the delivery of major infrastructure with a powerful national strategy, noting that this will help provide the stability required to help ensure private sector confidence and achieve better sustained economic growth.
The Chief Secretary confirmed the UK Government’s objectives, priorities, and vision of the nation’s infrastructure over the next decade through a ten-year infrastructure strategy.
The National Infrastructure Commission is also due to publish an independent report into the systemic issues in the UK that have historically increased the cost of delivering major infrastructures. The report will point to a ‘debilitating lack of strategic clarity’ as a root cause, which the UK Government says has increased the delay of decisions for national infrastructure by up to 65% since 2012.
The UK Government also confirmed the extension of Sir John Armitt’s role as Chair of the National Infrastructure Commission.
