Spending review: £2 billion capital boost saves flagship projects
The government today (20 October) unveiled plans to boost capital spending, safeguarding a raft of cultural and infrastructure projects
As part of the Comprehensive Spending Review (CSR), the chancellor of the exchequer George Osborne announced capital spending would be £2 billion a year higher than set out in the emergency budget in June when the government axed £11 billion worth of capital projects.
Total capital spending, he said, would be: ‘£51 billion next year, then £49 billion, then £46 billion, and £47 billion in 2014-15.’
Projects saved include: Herzog and De Meuron’s Tate Gallery extension and Rogers Stirk Harbour + Partners’ British Museum extension project.
Foreign Office Architects’ redevelopment of Birmingham New Street Station has also been safeguarded, and so too has Crossrail and the PLP and HOK-designed UKCMRI project in Camden, north London.
Osborne explained: ‘When money is short we should ruthlessly prioritise those areas of public spending which are most likely to support economic growth, including investments in our transport and green energy infrastructure, our science base and the skills and education of citizens.’
A new bridge over the Mersey at Runcorn will also be built and funding will be made to available to the St Helier, Royal Oldham and West Cumberland new hospitals schemes.
Further detail on projects receiving funding is expected to be announced shortly.