UK spending on large-scale projects is expected to increase by 60% in the next ten years, rising from £70bn to £106bn, according to a report by Big Four firm PwC
Spending on power and water is predicted to more than double, from a current £11bn to £27bn per year; spending on transportation will see similar increases, rising from £12bn to £23bn annually.
Richard Abadie, PwC’s global leader of capital projects and infrastructure (CP&I) said the spending would be critical to maintain the UK’s global edge.
Abadie said, “It is telling that social infrastructure spending accounts for about a third of total spending currently despite the perception of cutbacks in this area.
“Nevertheless, we expect transport and power to be the growth sectors up to 2025 with transport doubling and power generation nearly tripling. This spending will be critical to ensuring economic growth in the UK and global competitiveness.”
UK faces yearly £100bn bill for large-scale projects