Chancellor George Osborne will today launch the new National Infrastructure Commission, which will be tasked to oversee £100Bn of infrastructure spending by 2020.
The £100Bn, which was originally announced back in 2013, will be spent on “vital” infrastructure projects such as roads, rail and flood defences.
The commission will be led by Lord Adonis and made up of seven other commissioners: former Deputy Prime Minister Lord Heseltine; former Chair of the Olympic Delivery Authority Sir John Armitt: former member of the Bank of England’s Monetary Policy Committee Professor Tim Besley; Head of DeepMind Technologies Demis Hassabis; Design Panel Chair of HS2 Sadie Morgan; former Chief Economist Bridget Rosewell and Chairman of the Victoria & Albert Museum, Sir Paul Ruddock.
The National Infrastructure Commission will create a report at the beginning of each five-year Parliament and make recommendations for priority infrastructure projects.
The Chancellor said: “Infrastructure isn’t some obscure concept – it’s about people’s lives, economic security and the sort of country we want to live in. That’s why I am determined to shake Britain out of its inertia on infrastructure and end the situation where we trail our rivals when it comes to building everything from the housing to the power stations that our children will need.
“This is about jobs, growth, living standards and ensuring Britain is fit for the future. We must be the builders. At the Spending Review, I will commit to investing £100Bn in infrastructure over the next five years and we are creating an independent commission to give us a long-term, unbiased analysis of the country’s major infrastructure needs.”
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