Dear Sir/Madam, In yesterday’s Spending Round I set out our spending plans for 2015-16. Today, we have explained in detail how we will invest in the infrastructure that our country needs. Britain at its best is a country that invests in its future. For centuries, we have been pioneers – we were the inventors of infrastructure from the steam engine to the world wide web. But today we are in a global race. We need to be able to compete with countries like China and India, which are investing billions in overhauling their infrastructure. For too long, we stood still while they surged forward. Since we took over in 2010, we have reversed that trend. We have given the green light to HS2, we are undertaking the largest investment in our railways since the Victorian times, we are building Crossrail – Europe’s biggest infrastructure project. Today we set out our commitment to invest in our country with £50 billion pounds of capital investment in 2015-16 and over £300 billion of capital spending guaranteed to the end of this decade. We have set out the biggest investment in our roads since the 1970s and have confirmed a £9 billion programme of investment in our railways. We have prioritised building more affordable homes, supporting people onto the housing ladder and helping to get more homes built for private rental. As I set out yesterday, our schools have been protected and we will invest so that we can build more schools, repair others, and provide for 180 new free schools. We have set out future energy policy so that investors have the certainty to put their support behind our energy sector. We are publishing a report from the British Geological Survey estimating far higher reserves of shale gas, and we will set out our plans to kickstart shale gas exploration. These plans will deliver a world-leading regime for investment. We are increasing science funding so that we can deliver more world leading research facilities and help new businesses bridge the gap between scientific discovery and commercial use. We are increasing the funding for superfast broadband and investing up to £250 million, match-funded locally, so that 95 per cent of UK buildings will have access to superfast broadband by 2017. These decisions are all possible because of the tough steps we have taken to get our finances under control. This is what the country needs. Our actions now will deliver a Britain in the future that is fully equipped to compete in the global race. George Osborne Chancellor of the Exchequer |
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