10 Year Investment Strategy outlines new approach to infrastructure investment

The government has published the much anticipated 10 Year Infrastructure Strategy (10YIS) which outlines its comprehensive approach to infrastructure investment across all sectors.

10YIS sets out a new approach to infrastructure with vital reforms to ensure planning and delivery is joined up, backed by £725 billion in long-term funding for maintenance and major projects.

This funding commitment follows recommendations from the National Audit Office on the need for long-term, sustainable maintenance funding.

The Strategy, says the government, provides the certainty and stability needed to attract investment, boosting British supply chains and jobs, and takes a joined-up view to improve planning and delivery across all types of infrastructure.  

It will also encourage inward investment by providing a long-term vision that gives investors the confidence and certainty they need to truly commit funding to projects, creating job opportunities and boosting living standards for people across the country, delivering on the Plan for Change. 

Darren Jones, Chief Secretary to the Treasury writing in the foreword says “Our goal is to prove to investors that the United Kingdom is not just one of many countries seeking investment, but a country that you can believe in. A country with a government that will roll up its sleeves to make it easier to build, with a clear long-term strategy that gives confidence.

“And for the businesses and workers who do the hard work of building the infrastructure the country needs, we say to you that you have a government on your side.

“This strategy is the starting point, not the end. This strategy is backed up by higher, longer term public-sector capital investment and an updated approach on the role of private capital in partnering with government to deliver.”

Tracy Blackwell, Chief Executive Officer, Pension Insurance Corporation said, “The government’s 10-year infrastructure strategy is a good step in the right direction - providing clarity, ambition, and commitment to long-term investors in UK infrastructure, like Pension Insurance Corporation. We welcome the clearer pipeline of projects and the government’s wider efforts on planning reform, transparent delivery bodies, and reducing the regulatory burden will supplement this new strategy – offering a much more investable environment across the UK.”

Lord Jim O’Neill of Gatley said, “The Strategy is a serious plan for addressing the long-running challenges that have prohibited investment for years. The government needs to be transparent in how it selects its infrastructure investments to drive growth and this strategy is a big step forward in doing that.”

Keith Lawson, Executive Vice President, Jacobs said, “Jacobs welcomes the 10-Year Infrastructure Strategy as a testament to the Government’s commitment to driving economic growth, empowering communities, and providing market certainty. We are excited about the potential for this ambitious strategy to attract new talent to our sector, embrace new technologies, and promote the UK’s ability to compete globally.

“By investing in public services, transport, and clean energy, we are not only addressing today’s needs but also laying the foundation for a resilient future. The combined efforts of the Spending Review, NISTA, and the 10-Year Infrastructure Strategy provide the stability, coordination, and long-term vision necessary for efficient infrastructure delivery.”

The strategy also helps clarify the role of NISTA, the new National Infrastructure and Service Transformation Authority which brings together the strategic expertise of the National Infrastructure Commission and the project assurance expertise of the Infrastructure and Projects Authority.

On this Darren Jones says “We want it to be more than the sum of its parts. Sitting inside HM Treasury, NISTA will play a crucial role in advising ministers on the go/no-go decisions for major projects and infrastructure. It will help government understand if a project has been properly designed, if the supply chain is able to deliver the project to time and budget and if the financing has been adequately put together.“

NISTA will be challenged by external experts through its advisory council and will engage directly with business and investors; whilst supporting other government departments to deliver major projects and infrastructure in line with best practice.

This is the first time, says Jones, that the UK has “set out a long-term strategy that brings together economic infrastructure (transport, energy, water and wastewater, waste, digital and flood risk management) with housing and social infrastructure (hospitals, schools and colleges, and prisons and courts). NISTA will oversee the implementation of the Strategy, as well as supporting progress reports to accompany future spending reviews.”

Hannah Gurga, ABI Director General said, “Our industry is a key investor in the UK economy and we welcome publication of the government’s 10 Year Infrastructure Strategy. This provides a roadmap to help accelerate investment in infrastructure projects and unlock investment to spur growth. The launch of NISTA’s online Infrastructure Pipeline will be critical in providing investors with a clear and comprehensive view of the projects seeking finance.”