United Kingdom

Details

  • Service: Tax, Budget 2013
  • Type: Press release
  • Date: 20/03/2013

Budget 2013: Infrastructure: new spend welcome but ‘ineffectual’ to the UK’s needs, says KPMG 

Richard Threlfall, UK Head of Infrastructure, Building and Construction comments:


“From an infrastructure perspective today’s Budget was disappointing. £3bn infrastructure investment per annum - scrapped off other savings - will be welcome but will make little difference in solving the UK’s infrastructure challenge.

 

“Experts estimate that the UK needs at least £400bn investment into our ailing infrastructure over the next 10 years. What is clear is that the UK must now look to private stimulus for infrastructure investment after the Chancellor today turned his back on additional borrowing.

 

“Around 65% of the UK’s infrastructure is already privately financed but we won’t unlock new development spend from the private sector without action and a consistent message from the Government, to build confidence amongst developers and investors.

 

“However, tucked away in the Chancellor’s speech was an intriguing reference to UK Guarantee support for “the new power stations of tomorrow”. This could be a game-changer for new nuclear if the Government is really serious about debt support as well as fixing the strike price."


-Ends-


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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Katrin Boettger

Katrin Boettger

Senior PR Manager - Sectors

KPMG in the UK

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