United Kingdom

Details

  • Industry: Infrastructure, Building and Construction
  • Type: Press release
  • Date: 15/03/2013

Budget 2013: Government must get ‘infrastructure story’ back on track 

Richard Threlfall, KPMG’s UK Head of Infrastructure comments ahead of the Chancellor’s Budget announcement next week:

 

“In order to create growth and drive long-term competitiveness the UK requires huge investments now in its housing, transport networks, and energy infrastructure.
 
“The Government’s heart is in the right place. But time is running out for it to translate words into action. Around 65% of the UK’s infrastructure is privately financed but we won’t unlock new development spend from the private sector without a consistency in message and action from the Government, to build confidence amongst developers and investors.
 
“In recent weeks confidence in the UK’s infrastructure community has been knocked by three decisions that seem at odds with the Government’s commitment to invest in infrastructure to drive growth and its commitment to encourage private investment in infrastructure. We have seen in short succession the cancellation of Waste Infrastructure Credits for three waste-to-energy schemes that have already been years in procurement, the decision to cancel the use of private finance in the procurement of trains for Crossrail, and a further delay to the Government’s overdue announcement on its review of the strategic road network.
 
“We look to the Chancellor to use the Budget to get the infrastructure story back on track.
 
“We need a long-term vision from the Government for the development of our infrastructure networks, that can endure across electoral cycles.

 

“The Government should also launch a formal consultation on re-introducing tax relief for investment in buildings and infrastructure. The UK is currently at a competitive disadvantage as the only G20 country which fails to provide this investment incentive.

 

“The request of Government is for bold leadership and action now to get industry confidence back. Then industry will invest to get the UK moving again and short term economic growth and long-term international competitiveness will follow.”

 

-ends-

 

 

Media Contact:


Katrin Boettger, Senior PR Manager 

Tel: +44 207 896 4232 / 0782 4475168

Email: katrin.boettger@kpmg.co.uk

 

About KPMG:

 

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  KPMG International provides no client services.

 

 

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