RICS calls for clarity on infrastructure projects

AHEAD of tomorrow’s Autumn Statement announcement, property industry body RICS has called on Chancellor George Osborne to spell out a clearer plan for the nation’s infrastructure priorities.
 
It suggests that priority should be given to projects that can deliver the greatest economic benefit, rather than providing immediate funding to those that just happen to be ‘next in the queue’.

RICS says that at present, priority is given to infrastructure projects – such as road and rail maintenance – according to their order in the infrastructure investment pipeline.
 
It suggests the result of this is that funding may be allocated to projects with lesser potential to deliver economic returns simply because they feature next on the Government’s priority list.
 
It argues that by strategically choosing schemes with greater potential to fuel regional growth, the benefits would be felt more immediately and regional recovery stimulated faster.
 
Jeremy Blackburn, RICS UK head of policy, said: “Good quality infrastructure developments and maintenance projects can bring big economic benefits to the areas that they serve. While it’s good that the Government acknowledges this, at the moment, there is no prioritisation in terms of those that can bring about the greatest benefit.
 
“We would like to see this addressed and projects given the go-ahead based on their economic potential, not merely because they appear next in the infrastructure investment pipeline.
 
“While we are seeing green shoots across many of the nation’s local economies, there still remain significant areas of the country that could benefit from a property-led recovery.”