Hundreds Of Billions To Boost British Economy

By Poppy Trowbridge, Business and Economics Correspondent

The Government has promised hundreds of billions of pounds in extra infrastructure spending by the year 2020 to boost the British economy.

The investment is due to begin as soon as 2015 with £50bn spent on capital projects that year.

Announcing the plans as part of his spending review, Chancellor George Osborne said on Wednesday: "From roads to railways, bridges to broadband, science to schools: it will amount to over £300bn pounds of capital spending guaranteed to the end of this decade.

"Today we raise our national game."

At the same time, the government is also slashing a further £11.5bn of costs across Whitehall from 2015.

Nick Prior, head of government and infrastructure at Deloitte told Sky News: "They've announced some high level numbers today and that's encouraging.

"If it is more than rhetoric, it could be quite powerful, it could really be a driver for the UK economy.

"We wait to see if that's going to be incremental investment in infrastructure and real capital spend. Or is it just going to be a rehash of previous statements?"

Since the financial collapse, years of cuts and austerity have been exacerbated by the lack of economic growth.

Shadow Chancellor Ed Balls was critical: "There is no point in boasting about infrastructure investment in five or seven years' time, we need action now."

He added that infrastructure investment in the first three months of 2013 is down by 50%.

On Thursday, Danny Alexander, Chief Secretary to the Treasury, will announce around £100bn in specific infrastructure projects.

About £3bn of the spending announced on Wednesday is earmarked for affordable housing.

The plans will also see the London mayor Boris Johnson get about £9bn of extra finance over the next several years.

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