Will McWilliams, Head of Public Services, Grant Thornton UK LLP, commented:
“The Chancellor re-confirmed his commitment to infrastructure in today’s Spending Review by announcing significant new investment.
“The new National Infrastructure Bank was also confirmed, which will be centred in the north of England. There is no shortage of private sector capital for quality projects and identifying where these investment priorities are, and any potential funding gaps, will be key for the new Bank.
“In addition, the new levelling up fund of £4 billion will provide additional funding for place based projects in local communities. How the new fund will be allocated and accessed to support projects in the next four years will be key, particularly as it is being managed across three departments DfT, MHCLG and HMT.
“While the scale of the economic cost of the COVID-19 pandemic meant that the Chancellor would not be able to fully address the levelling up agenda in this Spending Review, the publication of a refreshed Green Book today, along with the National Infrastructure Strategy, clearly demonstrates the government’s commitment to the agenda and investing in local places.”