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BCC: Britain still needs a big bang strategy for infrastructure

Commenting on Danny Alexander’s speech to the Liberal Democrat Party conference, John Longworth, Director General of the British Chambers of Commerce, said:

 “Businesses will be pleased that the government has acted quickly and decisively to put an infrastructure guarantee scheme in place. However, unblocking infrastructure projects is something that governments should do as a matter of course, not just in exceptional circumstances.

“Britain still needs a ‘big bang’ strategy for infrastructure – one that delivers billions more in funding for the energy, transport and digital networks that will keep our businesses competitive into the future. Guarantees for stalled projects are necessary, but by no means enough on their own. If we are to secure the massive infrastructure programme Britain needs for  the medium- to long-term, we need to remove political risk and uncertainty to draw in private funding and investment. Only then will we see an impact on business confidence, leading to increased business investment, secure in the knowledge that we have an infrastructure growth programme insulated from Eurozone fears. This bold move would help to unlock a virtuous cycle of economic growth.”