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The Government needs to put a greater emphasis on securing investment for infrastructure projects, according to a new report from the Confederation of British Industry (CBI).
The CBI believes the Treasury should do more to promote infrastructure as these large projects can secure private business investment and add billions of pounds to the UK economy. Infrastructure projects can involve all kinds of businesses from large professional service firms down to small independent contractors delivering into the supply chain and construction process. They have the ability to positively impact on all kinds of business, SMEs as well as PLCs.
The report was released the same week as the National Association of Pension Funds (NAPF) said that UK infrastructure is “becoming an embarrassment”. The NAPF is one of the government’s prime investment targets, representing around £800 billion in assets.
The CBI said that harnessing just a 1 per cent increase from the UK’s pension fund will give a ‘vital boost’ to the UK’s underfunded infrastructure networks and make them more attractive to investors.
John Cridland, CBI Director-General, believes there is a general disappointment in business at the lack of progress the government has made and said, “Business has been disappointed we haven’t made more headway in the past six months. To help make investors an offer they shouldn’t refuse, the government must enhance the credit rating of brand new projects and extend capital allowances to cover all types of infrastructure.”