Five strategic road schemes and five rail upgrade schemes are set to receive government funding to improve infrastructure and unlock new homes
The money is being allocated towards the projects following the spending review last month, which aims to push through over 50 road and rail upgrades.
Of the promised £92.8bn, £10.2bn will be put towards rail enhancements, while £24bn will be put towards motorways, trunk roads, and local roads.
39,000 new homes
Road schemes receiving funding include the M54 to M6 link in Staffordshire, the A38 Derby Junctions, the A46 Newark Bypass in Nottinghamshire, and the M60/M62/M66 Simister Island in Greater Manchester, which alone could support 20,000 new jobs and 7,000 new homes.
Key rail projects include reinstating a passenger rail line connecting Bristol city centre and Portishead for the first time in 60 years, building three new train stations.
Additional funding has been confirmed across England and Wales for rail lines, enabling easier travel throughout the country.
It is estimated that these projects will create around 42,000 new jobs and 39,000 new homes.
“Vital investments are long overdue”
In June, the government announced another £15.6bn to be put towards regional transport investment.
Chancellor of the exchequer, Rachel Reeves, said: “These vital investments are long overdue, will transform local communities and improve living standards across the country.
“Investments like these are only possible because we took the right decisions to stabilise our public finances and changed the fiscal rules so we can invest in Britain’s renewal, grow the economy and put more money in working people’s pockets.”
Help build 1.5 million new homes under the Plan for Change
Transport secretary Heidi Alexander said: “Roads and railways are the backbone of our economy, which is why we are giving them the record funding boost they need, putting taxpayer’s money where it matters most and making every day journeys easier.
“With over £92 billion investment, including the biggest ever boost for city regions in the north and Midlands, we’re delivering the schemes that fast-track economic growth and jobs, connect communities, and will help us build 1.5 million new homes, as we deliver our Plan for Change.
“We’re forging ahead with the vital new transport infrastructure Britain needs, and improving what we’ve already got, to deliver a new era of renewal and opportunity.”
UK infrastructure investment to benefit economy
Lorraine Gregory, director of CECA Midlands, said: “These announcements are a significant step forward in realising the Government’s mission of investing in UK transport infrastructure, creating skilled, high-paying jobs, and delivering for businesses and communities.
“Our members are ready to work with Government, clients, and other stakeholders in making these transformational plans a reality. As an industry, we would like to see clear delivery plans, robust funding certainty, and a continued commitment to the green, inclusive infrastructure that transforms communities for the long term.
“We are particularly pleased that the Government has announced a further new station at Haxby in Yorkshire, which was last served by a station in 1930. It is this sort of investment that will rebalance the economy through unlocking regional growth.
“We stand ready to work to make sure the schemes that will renew economic opportunities and boost connectivity are brought forward to market without delay.
“It is only by getting spades in the ground that the benefits of infrastructure investment can be realised, and the tangible benefits of these schemes will be felt by communities and reflected in a stronger, more prosperous UK economy.”
The post £92bn put towards UK road and rail upgrades appeared first on Planning, Building & Construction Today.
