Atkins is supporting a call by some of the UK’s most influential companies for the Government to commit to increasing investment in critical infrastructure projects in its upcoming Autumn Statement.
Along with business leaders from companies including PricewaterhouseCoopers, Skanska and BAA, Atkins is calling for a long-term planned acceleration of investment in major infrastructure projects in order to boost the UK economy and create jobs.
The letter, given to Chancellor of the Exchequer George Osborne last night, was put together by London First – the business membership organisation that champions investment in the capital and supports London’s contribution to the health of the UK economy.
The letter argues that, “Britain needs to shore up its economy by reinvigorating its investment in economically productive infrastructure,” which will provide “an immediate and important confidence boost together with a sustainable increase in economic activity and jobs in the medium term.”
David Tonkin, managing director of Atkins’ UK business, adds:
“There can be no argument that targeted spending on critical infrastructure projects has a direct impact on the economy, whether it’s through the protection and improvement of vital assets, the improvement of transportation links or the direct provision of jobs.
“While we must be aware that there will be increased scrutiny of business cases, it is well-proven that investing in key infrastructure can not only support recovery but also drive it.”
Infrastructure UK, which advises the UK Government on long-term infrastructure priorities, estimates a £200bn investment will be needed from both public and private sectors over the next five years.
Yet according to the Institute of Fiscal Studies, public net investment is set to fall by nearly 15% per annum until 2014-15.
The Government needs to “restore investment to pre-recession levels by the end of this Parliament,” argue the signatories.
The three recommendations outlined in the letter are:
- A commitment now to increasing investment in infrastructure before the end of the Parliament;
- An adjustment to personal taxes to increase demand and encourage wealth-creators;
- Standing firm on simplifying regulatory processes and resisting burdensome additional regulation from Brussels.
“Taken together,” the letter published in today’s Daily Telegraph states, “we believe these immediate actions would boost confidence, stimulate demand and set the UK on the right course to grow in the longer term.”
