Infrastructure improvements to boost the UK economy
Infrastructure improvements will give the productivity boost the UK needs to compete on an international level says CBI
A newly released CBI report titled ‘Shaping Regional Infrastructure’, demonstrates the pressing need felt by businesses to enhance their infrastructure and connectivity across the country. This builds upon previous studies: Unlocking Regional Growth report and the 2016 CBI/AECOM Infrastructure Survey which also highlight the issue.
This builds upon previous studies: Unlocking Regional Growth report and the 2016 CBI/AECOM Infrastructure Survey which also highlight the issue.
Infrastructure improvements could generate £175 billion of growth
The CBI estimates that the UK’s economy could grow by £175 billion by 2024, if each region of England grew at the same pace as the best performing area within each region did between 2004 and 2014. In order to facilitate this growth, infrastructure performs a vital aspect in bringing product to market, the movement of labour and international communication.
In order to facilitate this growth, infrastructure performs a vital aspect in bringing a product to market, the movement of labour and international communication. Post Brexit, well-developed infrastructure will be critical for fostering deals with existing and new markets.
Rhian Kelly, CBI Infrastructure Director, commented:
“England’s infrastructure is the arteries and veins without which the country its economy and businesses simply would not function. But with only a quarter of firms satisfied with the state of their region’s infrastructure, it’s vital the pace of taking action and delivering improvements is stepped up.
“Infrastructure is a key driver of productivity. By making it easier for staff to get to work and by better connecting companies to their customers, markets overseas and supply chains, we could do a great deal to lift England’s productivity.
“Moreover, ramping up trade with international partners – old, new and in all corners of the world – will be crucial to making a success of Brexit. This makes it doubly important to better connect firms to these markets, particularly through the Government’s commitment to a long-term aviation strategy, improvements in getting to our air and sea ports and giving our regional airports a new lease of life.
“A strategic plan for delivery, tailored for each region, will also be needed for firms to feel devolution will truly make a difference when it comes to infrastructure.”
The full report can be downloaded from the CBI’s website