Chancellor announces road and rail investment programme
GEORGE OSBORNE announced “the largest road investment programme since the 1970s” after increasing transport capital spending by 50%.
The Department for Transport also claimed “the largest programme of rail investment since Victorian times” as it confirms it is to start the construction of High Speed 2 in this Parliament, with it timetabled to arrive in Birmingham by 2026 then Leeds and Manchester by 2033.
£61bn will now be available for a range of infrastructure improvements that also include previously-announced plans for the Trans-Pennine railway line, plus providing funding for regional body Transport for the North.
Osborne said: “It means the construction of HS2 to link the Northern Powerhouse to the South can begin. The electrification of lines like the Trans-Pennine, Midland Main Line and Great Western can go ahead.
“We’ll fund our new Transport for the North to get it up and running.”
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London is receiving investment totalling £11bn for its transport infrastructure.
The DfT must cut its operating budget by 37%, which will be found in part by reducing the subsidy paid to rail franchises through reaping the efficiency benefits of competition, and phasing out the TfL Resource Grant.
Other beneficiaries of the funding include the delivery of the £114m Cycle Ambition City scheme, with construction of segregated cycle lanes including 115km in Birmingham and 56km in Manchester.
The Government said it will “continue to devolve significant transport powers” to mayor-led city regions, including Greater Manchester, Sheffield City Region, Liverpool City Region, the north-east, Tees Valley and the West Midlands.
Transport secretary Patrick McLoughlin said: “Investing in transport is vital to ensuring the whole of Britain benefits from a growing economy.
“By massively upgrading our railways and roads, investing in HS2, the Northern Powerhouse, buses and sustainable transport, we are delivering the long-term commitments necessary to provide security and opportunity for working people.”
