Today's Spending Review is good news for infrastructure. The Government has again prioritised capital spending, and put serious money behind its commitments to HS2, the Northern Powerhouse and transport in London.
Reacting to the Chancellor’s Autumn Statement, Richard Threlfall, KPMG’s Head of Infrastructure Building and Construction, says:
“Today's Spending Review is good news for infrastructure. The Government has again prioritised capital spending, and put serious money behind its commitments to HS2, the Northern Powerhouse and transport in London.
“However, this is tempered by the 37% cut in the Department for Transport’s operating budget which surely raises concerns over the Department's capacity to drive forward its substantial pipeline of projects.
“There also remains a huge inconsistency between the slick sound bite of devolution revolution and the reality that it is central Government is still signing the big cheques and deciding which schemes it wants to support. “Only when the Government transfers material control over tax revenue from the Treasury to the regions will we see real devolution of power and the ability of the UK's major cities to plan and deliver long-term programmes of infrastructure investment.”
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