Infrastructure: Investment
The question
To ask the Chancellor of the Exchequer, what estimate she has made of the potential economic benefits of increased investment in regional infrastructure projects.
Answered by James Murray
The 10 Year Infrastructure Strategy is core to delivering the government’s mission to boost living standards in every part of the UK, by funding at least £725 billion for infrastructure over the next decade. This is creating and connecting people to good jobs, supporting new housing and neighbourhoods, ensuring people can depend on vital public services and providing resilience in response to a changing world.
On Tuesday 17 March we announced new City Investment Funds which will provide up to £2.3 billion of new grant, loan, and patient capital funding, going directly into hands of mayors of the largest city regions in the North of England and the Midlands to deliver city densification at a local level, and to address viability gaps. City Investment Funds will bring together financing tools for five Mayoral Strategic Authorities in the North including West Yorkshire Combined Authority.
The government is also rolling out targeted local growth funding across the UK. Northern Ireland will receive a total of £45.5m per year of local growth funding over the next three years to invest in key growth priorities.
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