HM Treasury

Download or read book HM Treasury written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2013-04-29 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Infrastructure UK, an advisory unit within the Treasury, was established in 2010 with a remit to specify what economic infrastructure is needed in the UK, to identify the key barriers to achieving that investment and to mobilise systems and resources, both public and private to make it happen. The first National Infrastructure Plan was published in 2010. The latest update of the plan, published in December 2012, comprised over 500 prospective programmes and projects for new economic infrastructure expected to cost £310 billion. Some 64% of this amount is expected to be spent on infrastructure that will be wholly owned and financed by the private sector with households bearing the costs through higher bills or fares. Many of the investment proposals impact on energy supply and are therefore particularly time critical. The Committee believes that this will lead to higher costs which will be borne by consumers and are particularly concerned at the impact of higher energy bills on those with low incomes. Many of the programmes are broad categories and in total they include more than 200 individual projects. This does not suggest a properly targeted and prioritised infrastructure plan. Furthermore, the statutory framework provided by the Energy Bill is coming rather late in the day when the energy crunch is fast approaching. It is likely that the UK will buy ever more energy from overseas and at a higher price due to the failure to secure investment. In these circumstances greater transparency is needed over investors' costs, risks and rewards