Between 2014 and 2025, investment in the UK’s transport infrastructure is predicted to grow by an average of five per cent a year according to PWC.
It is thought that rail and airport infrastructure will be given particular focus, with a doubling of investment by 2025. The average growth rate in these areas is projected to be over six per cent per annum.
PWC analysed current trends and data on transport infrastructure spending with research support from Oxford Economics.
Road network investment is anticipated to take the reverse trend with the growth rate slowing from contemporary levels to an annual increase of just 0.17 per cent.
It also found that investment in sea ports is predicted to grow by less than two per cent a year which is lower than the average global spending growth of 5.8 per cent.
|PWC/Oxford Transport Infrastructure Spending||2014 (GBP)||2025 (GBP)|
|UK total infrastructure spending||£14.11bn||£23.86bn|
Neil Broadhead, PWC’s leader of UK infrastructure, said that while spending increases are likely to be modest in the near future due to fiscal constraints, increasing public support for the railways is likely to have an impact.
“Rail investment in the UK is poised for growth with railways forecast to have strong growth. There is growing opinion in favour of public transport in the UK and high-speed networks are expected to undergo further development," he said.
“Coordination of the skills base and supply chain in such complex infrastructure programmes can be difficult. In the High Speed 2 and Network Rail electrification programmes, for example, there are concerns about whether the UK has sufficient skills in terms of design, engineering and construction, as well as project management resources, to deliver and meet investor expectations.
“Our forecasts present a positive picture of a growing market for transport infrastructure, but it is important to ensure that this money is invested carefully and wisely, delivering increasing value to the funders, including all of us as users, taxpayers or investors.”