PwC comment on London Infrastructure Plan
Commenting on the London Infrastructure Plan released today, Ray Mills, partner, PwC and a specialist in capital projects and infrastructure investment, said: “London needs effective, efficient and sustainable infrastructure to thrive, be competitive, and remain an engine of sustainable growth for the UK economy.
“While the need for increased capacity and infrastructure investment in general is well recognised, the specific proposals in the consultation plan need careful consideration.
“There are substantial challenges to deliver the infrastructure that is projected to be needed in the paper. In particular, it’s clear there is a large gap between the cost of what’s required and the funds available. Some of the solutions in the plan – prioritisation, integration and better asset management – can help, but there is no getting away from the plain fact that whether through greater fiscal devolution, access to new tax streams, or more user charging, someone has to pay.
“The question is how much, and where this should come from – the residents and employers that benefit from living and doing business in London; those who visit London for business or pleasure; or those with access to capital who are attracted to London as an investor ready city.
“Any investment in London’s infrastructure needs to happen alongside the strengthening of the UK’s other major urban areas, while also ensuring that non-metropolitans are not disadvantaged.”
