Developers targeting new transport links for regeneration projects have been rewarded with the “biggest increase” in infrastructure spending in a generation by the chancellor.
Capital investment at the Department for Transport will increase by 50% to £63bn over the parliament, even as operational spending falls by 37%.
A total of £46.7bn has been allocated to HS2, roads and local transport over the next five years.
The timeline for HS2 will see the London to Birmingham stretch completed by 2026, with the Leeds to Manchester line due for completion in 2033. A new Transport Development Fund will receive £300m over the next five years for transport infrastructure projects, which could include Crossrail 2.
Further projects that received backing included a £97m Thameslink Station at Brent Cross and a £55m extension of the London Overground to Barking Riverside.
Some £13bn funding for transport in the North of England was welcomed by David Lathwood, lead director for the North West at JLL, but he said that the omission of investment in a high-speed connection was “disappointing”.
Local authorities in devolved regions with elected mayors will be able to retain business rate increases to invest in infrastructure.
