Public Accounts Committee
HM Treasury: Planning For Economic Infrastructure
HC 872, Forty-second Report of Session 2012-13 - Report, Together with Formal Minutes, Oral and Written Evidence
- House of Commons - Committee of Public Accounts
- TSO (The Stationery Office)
The report 'HM Treasury: Planning For Economic Infrastructure (HC 872)' examines the work of Infrastructure UK, an advisory unit within the Treasury. The unit's remit is to specify what economic infrastructure is needed in the UK, to identify the key barriers to achieving that investment and to mobilise systems and resources, both public and private to make it happen.
The latest update of the National Infrastructure Plan, published in December 2012, comprised over 500 prospective programmes and projects for new economic infrastructure, expected to cost £310 billion. Some 64% of this amount is expected to be spent on infrastructure that will be wholly owned and financed by the private sector, with households bearing the cost. The Committee believes that this will lead to higher bills and fares for consumers, and are particularly concerned at the impact of higher energy bills on those with low incomes.
Many of the programmes are broad categories and include more than 200 individual projects in total. This does not suggest a properly targeted and prioritised infrastructure plan.
Furthermore, the statutory framework provided by the Energy Bill is late in coming, with the energy crunch fast approaching. It is likely that the UK will buy ever more energy from overseas and at a higher price due to the failure to secure investment. In these circumstances greater transparency is needed over investors' costs, risks and rewards.
|Format||Paperback||Published||29 Apr 2013|
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