Hunt urged to invest £30bn a year in infrastructure or risk 'decade in doldrums'

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Jeremy Hunt risks condemning Britain to a decade in the doldrums unless he uses this month's autumn statement to announce a £30bn-a-year investment plan to upgrade public infrastructure, a leading thinktank has warned.

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08 Nov 2023

The National Institute for Economic and Social Research (NIESR) said the chancellor should ignore calls by Tory MPs for pre-election tax cuts and instead focus on measures to boost growth through improvements to transport, digital networks, skills and housing.

In their quarterly update on the state of the economy, researchers at the thinktank said Hunt had more scope for a bold package than generally believed, because the freezing of income tax allowances and thresholds at a time of high inflation had resulted in stronger-than-expected growth in government revenues.

They said the chancellor should set out immediate plans to raise the level of annual public investment from 2% to 3% of gross domestic product and that there was scope to do so in the autumn statement. “In its absence, the UK is set for a decade in the doldrums and