WELCOME LONG-TERM INVESTMENT IN INFRASTRUCTURE WILL (EVENTUALLY) REAP DIVIDENDS

Whilst there may be some debate about the priorities outlined in last week’s Spending Review, there will be few dissenting voices about the commitment to a greater investment in major infrastructure projects, from Sizewell C, through major improvements to public transport, to a significant increase in the budget for new social housing, writes Guy Gowing.

It is always encouraging to see politicians taking a longer-term view, committing cash for projects which will take years to bear fruit, rather than simply chasing short-term gains for electoral reasons.

There have been some suggestions that the East of England has missed out this time around (although the Sizewell investment will create significant numbers of new jobs in our region, and the social housing money will be distributed nationwide).  But we need to take a longer-term view, and when we do, we see that previous infrastructure investments in Norfolk are now starting to deliver a return in economic and employment terms.

The 1980s ‘Bypass Boom’ saw places such as Aylsham and Fakenham opened up for commercial development – something which took time but is now delivering for these towns.  The 1990s-built Norwich Southern Bypass enabled the major expansion of the Broadland Business Park to the east of Norwich and Longwater to the west. 

Other infrastructure projects such as the Broadland Northway, the electrification of the Norwich to London rail line, and the development of Great Yarmouth’s Outer Harbour have all opened up our county for business.

And the investment hasn’t stopped, despite the protests of those who say we have been overlooked.  If you have been stuck in roadworks recently, they may well have been due to the A47 improvements at Honingham or Blofield, or due to the installation of high-speed broadband or investment in upgrading our energy system.

Likewise, the forthcoming major works on the Thickthorn roundabout may be disruptive, but they will open up an important gateway into the area.

Any successful business will tell you that success and prosperity usually involve a long-term investment plan as well as prudent shorter-term financial management.  It is important that the government takes the same view when it comes to the country’s infrastructure, and while the business world may be bearing the brunt of the Chancellor’s taxation policies (to put it politely), we can at least welcome an investment mindset.

Of course, delivering all this infrastructure doesn’t just need cash, but the people to deliver it.  If we are to kickstart a construction boom, we must ensure that we are also investing in training up sufficient skilled engineers and construction workers to turn it into reality.