Chancellor commits £1.3bn to roads
Philip Hammond has announced a major investment in English transport networks in his first Autumn Statement as Chancellor.
Mr Hammond committed to a £1.1bn extra investment by 2020-21 to relieve congestion and deliver upgrades on local roads and public transport network. On strategic roads, there will be an extra £220m to tackle pinch points and £390m to “build on our competitive advantage in low emission vehicle and the development of connected autonomous vehicles”.
He also announced a 100% first-year allowance (FYA) for expenditure incurred on electric charge-point equipment, as well as an additional £80m investment to install public charging infrastructure.
Mr Hammond commented: “Reliable transport networks are essential to growth and prosperity so this Autumn Statement commits significant additional funding to help keep Britain moving and to invest in the transport networks and vehicles of the future.”
LeasePlan UK’s managing director, Matt Dyer said: “It’s promising to hear that the Treasury is set to invest in the English road infrastructure. With the decision made weeks ago to back a third runway at Heathrow, the Government can now focus on getting the economy ‘match fit’, particularly in the example of potential new road and rail links between Oxford and Cambridge. By pledging this kind of investment, the Government is securing the provision for a better connected and more dynamic infrastructure that suits both the needs of people and businesses.
“The vehicle rental and leasing industry contributes £24.9bn a year to the UK economy and in 2015 the leasing industry accounted for half the number of new cars registered on the road. So this news will be especially pleasing for businesses, whose roads have suffered from poor organisation, congestion and pitted surfaces for decades. These roads are vital for the businesses that will power the country through years of lower-than-expected growth, so it is reassuring that the UK Government now views this as a priority.”