£175bn infrastructure opportunity
Improvements in regional infrastructure will help boost productivity – and there is a potential prize of £175 million, according to a new CBI report.
CBI analysis for the report “Shaping Regional Infrastructure”, shows that if each region of England grew at the same pace as the best performing area within each region did between 2004 and 2014, the gain to England’s economy could be £175 billion by 2024.
Improving the links between regions will give firms access to a broader labour market pool and better connections to supply chains. Moreover, with businesses across the country wanting a long term aviation strategy that makes the best use of regional airports, better links to these are vital to connecting firms with new and existing international markets to which to export – particularly important post-Brexit.
“Infrastructure is a key driver of productivity. By making it easier for staff to get to work and by better connecting companies to their customers, markets overseas and supply chains, we could do a great deal to lift England’s productivity,” said Rhian Kelly, CBI infrastructure director.
“Moreover, ramping up trade with international partners – old, new and in all corners of the world – will be crucial to making a success of Brexit. This makes it doubly important to better connect firms to these markets, particularly through the Government’s commitment to a long-term aviation strategy, improvements in getting to our air and sea ports and giving our regional airports a new lease of life.”