The Chartered Institution of Highways and Transportation (CIHT) responds to the Chancellor’s Statement to the House of Commons on Spending Inheritance.
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In a speech to Parliament today (29th July 2024) the Chancellor of the Exchequer, Rt Hon Rachel Reeves MP, announced that the new government has found a large gap in the country's finances.
The Chancellor stated that the new Labour government has inherited an unfunded governmental overspend of £22billion. Reeves went on to announce a series of measures and cuts designed to relieve pressure on the public finances. She announced that many spending commitments would need to be cancelled to reduce the deficit and ensure economic and fiscal stability including transport infrastructure projects.
Cancellations include planned works on the A303, the A27, and the previous Conservative government’s ‘Restoring Our Railway’ program.
These cancellations are in light of the Treasury’s spending audit which has revealed nearly £800m of unfunded transport projects that have been committed to in 2025.
“Whilst this is disappointing, it is not surprising given the continuing pressure on public finances. One of the consequences of cutting transport infrastructure projects is the negative impact this has on the sector, economy and society. It is really important that the government works with the sector to ensure we have a sustainable pipeline of transport projects to give firms and our members more certainty and end this stop – start approach to infrastructure planning and delivery.”
The Chancellor of the Exchequer, Rachel Reeves MP’s speech is available to read here.
CIHT is committed to and looking forward to working with the government to ensure delivery of better transport networks that work for all.
For more information, please contact CIHT Public Affairs Manager: liberty.hibberd@ciht.org.uk
The CIHT Manifesto ‘A transport network fit for all our futures’ is available to read here.
The Chartered Institution of Highways & Transportation (CIHT) represents over 10,000 professionals working in both the public and private sectors, promoting best practice through technical publications and conferences and offering routes to qualifications and continuing professional development.
Join other savvy professionals just like you at CIHT. We are committed to fulfilling your professional development needs throughout your career
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