Graham Wright, EY Infrastructure Tax Partner, comments on the Chancellor’s infrastructure announcements:
“With confirmation of the delay to the infrastructure strategy, we will have to wait for the detail behind the headlines of ‘Getting Britain Building’.
“However, as largely expected, the new Chancellor announced a commitment to £600bn of investment over the next five years and new settlements for the regional mayors to help support the ambition of levelling up.
“As predicted, investment in sustainability, roads, rail and digital connectivity featured heavily, as did ‘green’ transport and the infrastructure to charge it. There were also a number of announcements to support the housing sector, and 40 new hospitals as part of the £6bn of investment in the NHS – a welcome move for a construction sector in need of good news.
“Despite saying relatively little about the detail of the promised infrastructure revolution, the Chancellor has delivered a further confidence boost to investors and the construction sector today. Hopefully, this will kick-start a continuing trend of renewed investment and activity.
“Beyond this Budget, the Government and business will need to work together to identify ‘shovel ready’ projects and the resources and capabilities available to deliver them.”