Main Story: Infrastructure enables economic growth
The UK’s National Infrastructure Plan maps out hundreds of critical infrastructure projects and outlines how to fund those needs. Here are excerpts from that document, which could prove to be a template for a Cayman Islands plan.
A new strategy
Infrastructure networks form the backbone of a modern economy and are a major determinant of growth and productivity. The UK has extensive and sophisticated infrastructure that has been developed over hundreds of years. However, historically the UK’s approach to the development of these networks has been fragmented and reactive.
Most importantly, the UK has never before had a clear long term plan for maintaining and improving its infrastructure. To remain globally competitive, the UK needs to address these failures and develop an infrastructure capable of supporting a dynamic, modern economy.
Three elements to the strategy
First, the Government will plan for the medium term and across sectors. The National Infrastructure Plan brings together the first ever comprehensive cross-sectoral analysis of the UK’s infrastructure networks and sets out a clear pipeline of over 500 infrastructure projects.
Second, to mobilise the finance required to deliver these projects, the National Infrastructure Plan sets out a new approach to coordinating public and private investment in UK infrastructure.
This includes bringing in new investors into UK infrastructure; introducing new sources of revenue such as tolling; allowing local authorities more flexibility in the way they use local receipts to fund major infrastructure in specific circumstances; and being willing to consider guarantees against specific risks that the market cannot bear.
Third, the Government will take an active role in ensuring the infrastructure in the Plan is delivered efficiently and on time, with priority given to those projects most critical for economic growth.
UK National Infrastructure Plan – www.hm-treasury.gov.uk