{"id":90324,"date":"2018-03-23T13:45:24","date_gmt":"2018-03-23T13:45:24","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=d2d9525829cf171bb8efd6d69fb8e9b2"},"modified":"2018-03-23T13:45:24","modified_gmt":"2018-03-23T13:45:24","slug":"speech-uk-infrastructure-a-wealth-of-opportunity","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=90324","title":{"rendered":"Speech: UK infrastructure a \u2018wealth of opportunity\u2019"},"content":{"rendered":"
\n

Welcome,<\/p>\n

It\u2019s a pleasure to be here in Berlin, and to represent the UK government at the Infrastructure Investment global summit.<\/p>\n

As the world\u2019s first industrialised nation, we in the UK like to think that we know a thing or 2 about infrastructure.<\/p>\n

We built the world\u2019s first passenger railway network, and some of the earliest power grids, passenger airports, and deep-water shipping ports.<\/p>\n

Few countries boast such a remarkable history. Visitors to London today still travel on the world\u2019s oldest underground railway, through some of the same tunnels that first opened in 1863.<\/p>\n

If our rail network and its stations are essentially Victorian, then our city streets are medieval, with electric cars following the same passages that carried horses and carts.<\/p>\n

And a large part of our inter-city road network follows the routes laid down by the Romans, some 2 millennia ago.<\/p>\n

The antiquity of our infrastructure may be of interest to historians, but it is a symptom of a national approach to infrastructure investment that all too often has been to \u2018make do and mend\u2019 and delay the big decisions.<\/p>\n

It is a little-know but arresting fact, for example, that we have not built a new full-length passenger runway in the South East of England since the 1940s.<\/p>\n

While in London the legacy of our ancestors has often been a blessing, for much of the country it has remained a burden.<\/p>\n

I do not need to tell any of you here today that infrastructure, as an industry, is inclined to take a long view.<\/p>\n

After all, its projects are likely to have a lifespan of decades, or even centuries, as the United Kingdom\u2019s experience can testify.<\/p>\n

Major infrastructure projects are likely to be among the largest and most important projects that a nation undertakes in peace time. They are certainly among the most expensive.<\/p>\n

As a result, infrastructure requires a long view – the courage to take major decisions here and now, the dividends of which may not be fully realised for a generation or more.<\/p>\n

Fortunately, the UK government has that vision.<\/p>\n

We have begun the largest investment in our railway network since Queen Victoria was on the throne.<\/p>\n

We are electrifying thousands of miles of track, laying new lines, reopening old ones, such as the Oxford-Cambridge \u2018Varsity Line\u2019, and upgrading many of our most important stations.<\/p>\n

We have always completed the New Elizabeth Line – London\u2019s Crossrail \u2013 a 100 km line that will bring another 1.5 million people within easy reach of central London.<\/p>\n

It has been the largest construction project in Europe. But that record will soon be broken when we begin HS2 \u2013 a high-speed rail network that will connect 8 of Britain\u2019s 10 largest cities.<\/p>\n

This improvement in our rail infrastructure has been matched by the greatest investment in Britain\u2019s roads for more than a generation, expanding motorways and building new bypasses while private investors are upgrading our ports to take the world\u2019s largest container ships.<\/p>\n

Last year, the Chancellor announced the creation of the National Productivity Investment Fund, allocating some \u00a323 billion to high-value infrastructure projects, from homes, to transport, to digital infrastructure.<\/p>\n

As of January, 95% of UK homes now have access to super-fast broadband \u2013 a delivery on our manifesto commitment.<\/p>\n

All of these projects demonstrate the Government\u2019s unwavering commitment to improving and expanding the UK\u2019s national infrastructure.<\/p>\n

We have published our National Infrastructure Delivery Plan, setting out in detail how the government will support delivery of key infrastructure projects and programmes.<\/p>\n

Importantly, we\u2019ve established 2 bodies that will change the face of future infrastructure delivery in this country.<\/p>\n

We set up the National Infrastructure Commission with the freedom and autonomy to provide independent advice on the infrastructure of most value to our economy.<\/p>\n

And we established the Infrastructure and Projects Authority to look after the actual delivery of our projects \u2013 and keep them on time, on track, and on budget<\/p>\n

I realise that I have talked extensively about the role of government in the development of the UK\u2019s infrastructure.<\/p>\n

It goes without saying that you can have all the right structures and processes in place in the world, but they count for nothing without the investment to make them a reality.<\/p>\n

Our aim is simply to create an environment where private infrastructure investment can thrive.<\/p>\n

There has never been a better time to launch a project in the United Kingdom.<\/p>\n

Since 2010, more than a quarter of a trillion pounds has been invested in projects large and small. The majority of this has come from the private sector.<\/p>\n

We in Britain recognise the vast benefits that the private sector brings to infrastructure development.<\/p>\n

It offers a greater access to sources of investment, improved allocative efficiency, and exposure to competition which in turn drives innovation.<\/p>\n

Perhaps most importantly, it allows the development of simultaneous projects, an approach which would otherwise be beyond the resources of even the most well-resourced government.<\/p>\n

If countries are to meet their fundamental economic and social infrastructure requirements, then they must be ready and willing to open up their infrastructure needs to the world.<\/p>\n

It makes sense to do so. After all, the shape of international infrastructure investment is changing.<\/p>\n

A decade ago, there were fewer than 15 major global infrastructure investors. Today, there are over 200.<\/p>\n

Globally, assets under management for unlisted Infrastructure Funds are worth around 300 billion US Dollars.<\/p>\n

Increasingly, institutional investors and even sovereign wealth funds are tapping into the opportunities that the industry has to offer.<\/p>\n

That is why we have set up the UK Guarantees Scheme, allowing project-backers to borrow money not only from banks and traditional lenders, but also from low-risk investors such as pension funds.<\/p>\n

Doing so has allowed over 50 institutional investors to become involved in projects in the UK, from the Mersey Gateway Bridge in Liverpool, to a housing development in Aberdeen, to a renewable energy project in Moray.<\/p>\n

As Minister for Investment in the Department for International Trade, I oversee a dedicated Capital Investment team, whose job it is to connect investors like yourselves to the vast number of new projects on offer in the country.<\/p>\n

Last December, the IPA published our National Infrastructure and Construction Pipeline \u2013 a forward-looking assessment of every planned investment across the public and private sector.<\/p>\n

The pipeline identified over 700 projects, valued at more than \u00a3500 billion.<\/p>\n

There is vast scope for private sector investment in these projects. From utilities, to communications, to vast new energy supply projects, there has never been such a wealth of opportunity for infrastructure investors in the history of the United Kingdom.<\/p>\n

Our country has a proven track record of return on investment. Those seeking stability, surety and profitability continue to regard the UK as the premier global destination for their money.<\/p>\n

I have already touched on the favourability of our regulatory environment, and the sheer levels of government support for investors.<\/p>\n

But we also boast one of the most competitive tax regimes in the developed world. By 2020, our corporate tax rate will be 17% – the lowest in the G20.<\/p>\n

We are home to the world\u2019s leading financial centre, which has an unmatched concentration of capital and capability.<\/p>\n

We have a highly skilled workforce, sourced from the greatest concentration of world-class universities on earth.<\/p>\n

And there is a strong and unwavering commitment to infrastructure investment from across the political spectrum.<\/p>\n

Perhaps more than any other nation, infrastructure is part of our national DNA.<\/p>\n

There is no other country where, railways, bridges and canals can excite such passion.<\/p>\n

Our long history may have bequeathed us with a framework that is centuries old, but when it comes to the opportunities of infrastructure, there are few more forward-looking than the United Kingdom.<\/p>\n

We want you, the world\u2019s foremost investors, to become part of our national story.<\/p>\n

As Britain embraces a new economic era, my Department will be at the forefront of ensuring that the UK retains its position as the number one Foreign Direct Investment destination in Europe and a home to business from across the globe.<\/p>\n

Thank you.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Graham Stuart’s speech at the 2018 Infrastructure Investor Global Summit, outlining UK infrastructure developments to leading investors.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/90324"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=90324"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/90324\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=90324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=90324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=90324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}