Autumn Statement: Chancellor maps out transport infrastructure funding
25 November 2015
The Chancellor, George Osborne, has laid out a tranche of investment in transport infrastructure over the coming parliament, with £15.2bn put aside for the 'Roads Investment Strategy' by 2021 and an additional £6.9bn for highways maintenance.
Announced as part of the Spending Review was a further £0.5bn investment for the 'Local Sustainable Transport Fund' by 2021 along with a similar figure for large local major road spending. Consequently, transport spending makes up around 19% of the £120.4bn infrastructure spending in this parliament.
With £15bn put aside for the Roads Investment Strategy, this marks the greatest investment in the road network since the 1970s, the chancellor stated, with plans to resurface 80% of the strategic road network and introduce 1300 miles of additional lanes.
Meanwhile, Osborne added that Britain now has a "permanent pothole fund", with £250m put aside to tackle problem potholes on local roads over the next five years, on top of the £5bn set aside for road maintenance - which is claimed to be a £300m increase since the last parliament.
Localised funding will see £13bn overall investment in transport in the 'Northern Powerhouse', while London will receive £11bn support for transport investment, which will be spent on developments including new buses, a network of 'cycle superhighways', additional tube trains and Crossrail.
£4.2 has also been put aside for transport in the East, while £7.2bn has been allocated for transport in the South West, with projects such as the North Devon link road and A391 able to bid for funding from a new £475m Local Majors Fund.
Up to £250m funding, meanwhile, has been earmarked for a major new permanent lorry park in Kent to alleviate problems caused by 'Operation Stack', where lorries are lined up along the M20 motorway.