Blog | UK’s Autumn Budget acknowledges the need for private investment in infrastructure

With UK Government finances stretched to record levels as a result of the pandemic, private capital will be vital to achieving the huge levels of investment required to meet long-term strategic ambitions, such as Net Zero and the Levelling-Up agenda. On the eve of COP26, GIIA Policy & Research Executive Estela Bibiloni Diaz analyses how these priorities have been reflected in the Autumn budget …

The budget and spending review announced on 27tOctober has targeted some key infrastructure areas. The Government has committed to investing £21bn on roads, £35bn on railways, and £6.9bn on transport infrastructure in cities outside London as part of the Levelling Up agenda. An additional £1.4bn will go into the establishment of the Global Britain Investment Fund, which will support the development of emerging technology, particularly in the electric vehicle sector, and thus crowd in private investment. An additional £1.7bn will go towards a new UK nuclear plant (widely expected to be Sizewell C).

Additionally, the UK Infrastructure Bank, with its role as a catalyzer of private investment, is off to a great start, having made the first commitment to the development of offshore wind infrastructure in the Tees Valley recently.

However, during the Budget announcement, Chancellor Rishi Sunak also acknowledged that ‘government action won‚Äôt be enough to create a stronger economy’ on its own.

As COP26 approaches, this statement builds on the recently released Net-Zero Strategy, which estimates that £90bn in additional private investment will be needed by 2030 if we are to achieve climate change targets. GIIA members are strongly committed to the achievement of the 2050 Net-Zero target and, over the last five years, have invested more than £25bn to new green infrastructure projects to meet the energy transition, on top of £63bn of investments already made.

In all, the Autumn Budget brings us one step closer to our goals in the allocation of public funding, and gives investors a better perspective on the plans of the Government.

What is now needed is a clear statement of intent to investors that the model of economic regulation in the UK will move away from a short-term focus on bill reduction and towards prioritising the investment that is required to meet existing and future challenges, while achieving a fair balance between cost and return.

Investors, therefore, look forward to the publication of the White Paper on Levelling-Up, the Regulation Policy Paper, which will set up the UK’s economic regulation environment for coming years, and the response of the Government to the Better Regulation Framework review.

These announcements, alongside the already published Regulated Asset Base (RAB) model for nuclear, will set out the first steps towards achieving the much-needed clarity that will help unlock the vast sums of long-term patient capital available from infrastructure investors.

GIIA looks forward to continuing working with the UK Government in achieving that regulatory stability and bringing into the conversation the voice of private infrastructure investors, who are keen to play their part in the transition to net zero by 2050.

Latest Infrastructure Pulse Survey shows increasingly positive outlook in North America and Europe

GIIA is pleased to launch the results of the latest Infrastructure Pulse Survey for both the Americas and European markets, produced in partnership with Alvarez & Marsal.

Click here to read the Infrastructure Pulse Survey

The Q4 2021 Pulse Survey provides a track on market sentiment among infrastructure investors and insights on emerging trends and barriers to investment. Key findings include:

  • More funds are looking to deploy larger amounts of capital and realise one or more assets than at any time on the last 12 months, reinforcing the amount of deal activity in the market.
  • An increasingly positive outlook for European markets
  • Rising optimism around the US, Canada and other Americas
  • Negative sentiment around regulated utilities with unattractive regulatory regimes being seen as the highest barrier for investment in Europe
  • Europe seen as more negative than Americas across all of the ‚Äėkey barriers‚Äô to investment
  • Communications Infrastructure remains the hottest sector

2021 Global Infrastructure Index – Survey results

A new global study carried out in 28 countries by Ipsos MORI, in collaboration with the Global Infrastructure Investor Association, finds that the public places greater priority on addressing impacts on the environment over the economy when making decisions about how to improve infrastructure in their country.

Click here to view the 2021 Global Infrastructure Index results

In the lead-up to COP26, an average of 51% of citizens across the 28 countries felt that it is right to prioritise the impact on the environment, nearly double the 26% who put greater weight on economic impacts.

Furthermore, the environment was also ranked as the most important factor among seven criteria when planning for the future; an average of 26% of people ranked this first, slightly ahead of the quality of infrastructure, chosen by 23%. Ownership and disruption were the least likely to be chosen as the top priority, selected by just 9% and 7% respectively, with ownership most commonly chosen as the lowest ranked factor (ranked as seventh out of seven by 24%).

Lawrence Slade, CEO Global Infrastructure Investor Association, said:

‚ÄúAs world leaders come together in Glasgow to consider next steps in the battle to address climate change, this survey should embolden decision makers to put the environment at the heart of their infrastructure investment plans. Global citizens are far from satisfied with their infrastructure today and want to see improvements, with many placing climate-related infrastructure such as water supply, renewable energy and flood defences at the top of their list.‚ÄĚ

The Global Infrastructure Index survey, which has been running annually since 2016, shows wide variations in satisfaction with infrastructure. For example:

  • 77% are satisfied with infrastructure in China while only 18% are positive in Italy, compared with the global country average of 39%.
  • Across the G8 nations 37% are satisfied, higher than the 35% in Great Britain and 27% in the U.S.
  • In Europe, infrastructure in the Netherlands (74%), France (53%) and Germany (51%) is rated much more positively than in Spain (25%), Hungary (20%) and Italy (18%) at the other end of the scale.

Globally in 2021, people in South Africa (79%) and Brazil (75%) are most likely to agree that their country is ‚Äúnot doing enough to meet our infrastructure needs‚ÄĚ but this is a majority view in all but five of the 28 countries. Agreement is weakest in South Korea (28%) and Japan (29%). Great Britain (64%) and the U.S. (61%) rank higher than the G8 average of 55%.

On average, three-quarters, 75%, across the 28 countries agreed that investing in infrastructure will create new jobs and boost the economy. South Africa leads – 90% agree – while the lowest level of agreement was in Japan with 51%.

Water supply and sewerage were identified as priorities for investment with 42% selecting it from a list of 13 possibilities, followed by solar energy infrastructure (39%) and flood defences (36%). Airports were seen as a priority for investment by much smaller proportions of people with just 11% selecting this. The same proportion chose nuclear infrastructure to generate energy (it was excluded as an option in the survey in nine countries).

In Great Britain, four of the top five priorities are climate-related; flood defences (selected by 44%), solar energy (38%), wind energy (38%), and EV charging (37%) head the list alongside rail infrastructure (37%).  In the U.S., the top five priorities are water supply and sewerage (48%), the local road network (43%), motorway/major road network (42%), solar (37%) and wind energy (31%).

Globally, more people continue to prioritize improvements to social infrastructure (42%) such as schools, hospital buildings and housing in preference to economic infrastructure (35%) such as road, rail and air networks, utilities such as energy and water, and broadband and other communications. However, the gap has narrowed since last year – when the pandemic had increased attention to hospitals and schools – from 16 percentage points then (48% versus 32%), to 7 points this year.

There continues to be a preference for maintaining and repairing existing infrastructure (chosen by 55%) as a priority rather than spending on new infrastructure projects (20%), an identical pattern to that found in 2019.

In both the U.S. and Britain, 61% support the role of the private sector in investing in infrastructure with only 6% against this in the U.S. and 9% in Britain; they welcome the prospect of private investment if it means their country gets the infrastructure they need.

Slade continued: ‚ÄúOur survey shows that people are much less concerned about whether infrastructure improvements come from private or public sources and are much more focused on the quality and environmental considerations.¬† At a time when many countries are looking to boost their economies and recover from the effects of the pandemic, governments should be focused on how to unlock private sector expertise to help deliver their future infrastructure needs.‚ÄĚ

Spotlight on the U.S.

  • In the States, 27% are satisfied with their country‚Äôs infrastructure, compared to 37% who are dissatisfied. The Latin America region is the only one among six where dissatisfaction is higher.
  • 70% agree that investing in infrastructure will create new jobs and boost the economy, yet 61% believe that ‚Äėnot enough is being done‚Äô to meet their country‚Äôs infrastructure needs.
  • Americans are overwhelmingly supportive (61%) of private investment in infrastructure if it means the country gets what‚Äôs needed with only 6% disagreeing.
  • Unlike most other countries, Americans would give higher priority to economic infrastructure (47%) over social infrastructure (27%). This compares to the global country average of 35% and 42% respectively.
  • In terms of specific infrastructure sectors, Americans would prioritize investment in water supply and sewerage (48%), the local road network (43%), major road networks (42%), solar (37%) and wind energy (31%).

Spotlight on Great Britain

  • In Britain, 35% are satisfied with their country‚Äôs infrastructure, compared to 26% who are dissatisfied.
  • 79% agree that investing in infrastructure will create new jobs and boost the economy, yet 64% believe that ‚Äėnot enough is being done‚Äô to meet infrastructure needs.
  • Britons are overwhelmingly supportive (61%) of private investment in infrastructure if it means the country gets what‚Äôs needed with only 9% disagreeing.
  • In terms of specific infrastructure sectors, four of the top five priorities for investment are climate-related with flood defences (44%), solar energy (38%), wind energy (38%), and EV charging (37%) heading the list along with rail infrastructure (37%).
  • When making decisions about how to invest in infrastructure, 51% of Britons would give higher priority to considering the environmental impacts compared to 21% who would prioritize economic impacts.

Canada at the forefront of international best practice on infrastructure planning and delivery

Government of Canada Releases Recommendations for Moving Forward on Canada’s First National Infrastructure Assessment¬†

On 29th July, the Canadian Government released its recommendations for Moving Forward on the National Infrastructure Assessment. The recommendations respond to the findings from the National Infrastructure Assessment consultation, to which GIIA submitted a response in June.

The five key recommendations are:

  • Canada should create an independent advisory body to carry out the Assessment covering all sectors of economic, sustainable, and natural infrastructure.
  • The government should define a clear mandate for the independent advisory body, and develop a comprehensive inventory of infrastructure gaps, providing case studies to the government with recommendations.
  • The assessment needs to ensure that infrastructure investments drive Canada towards net-zero emissions. It should also establish a strategy to near, medium and long-term investment prioritisation over the next 30 years.
  • The independent advisory body should leverage global best practices and work with government, investors and indigenous communities.
  • The Assessment should include clear investment recommendations, timelines and an infrastructure investor roadmap. It should also identify new programmes to spur investment in specific areas to facilitate partnership with the private sector.

Overall, the main themes above take into account a large portion of GIIA’s recommendations with further detail being given on:

  • Use of the Assessment to create a long-term predictable pipeline of major projects for investment and to drive competition.
  • Support for industry innovation and low carbon products.
  • Increase engagement and communication across government, infrastructure financiers and infrastructure owners.
  • The importance of private sector involvement, PPP‚Äôs and asset recycling.
  • Use of best practice around the world, with¬†particular mention¬†to the UK and its outlining of a long-term project pipeline.
  • Expanding the public fund pool by using innovative funding structures.
  • Long term regulatory planning and predictability for investors.
  • The¬†role that the¬†Canada Infrastructure Bank (CIB) should¬†play in¬†crowding-in private finance.

The Canadian government will now establish an independent advisory body to carry out the assessment and CAD$22.6m of funding will be allocated over 4 years to improve infrastructure planning.

Jon Phillips, Deputy CEO and Corporate Affairs Director, GIIA said: 

“The Canadian government has placed itself at the forefront of international best practice on infrastructure planning and delivery with their wide-ranging consultation on the Canada National Infrastructure Assessment, and now in their response to the feedback, setting out an ambitious programme of infrastructure investment over a long-term horizon.

‚ÄúCanada has historically had an excellent reputation as an investment destination for infrastructure investors and the NIA process sets the bar high in terms of clarity of thinking for what is needed in Canadian infrastructure over coming decades. We look forward to continuing to work with the Canadian government and the new independent advisory body to deliver a programme of infrastructure projects in Canada which will benefit future generations for years to come.”

 

Ensuring sufficient investment to meet our Net-Zero target

Writing for Utility Week GIIA CEO Lawrence Slade says there is no time to waste on securing net zero investment …¬†

Infrastructure is of course key to modern life, and even while many of us are now no longer commuting, digital networks have replaced transport infrastructure as being essential to our everyday lives.¬† As we progress further into the 2020s and as the pressure to decarbonise our economy to meet our 2050 net-zero carbon goals becomes stronger, so will the pressure grow to ensure that our infrastructure is fit-for-purpose not just for today but for decades to come.¬† Worryingly in the most recent Global Infrastructure Investor Association (GIIA) and Ipsos MORI report 65% of people think that Britain is not doing enough to meet infrastructure needs ‚Äď a figure that, for instance, indicates that the UK lags behind other G8 countries.

Achieving Net-Zero will require substantial investment across both greenfield and brownfield infrastructure.  A recent report produced by the GIIA in partnership with PwC indicated that to finance the transition to net-zero, the UK would need to attract investment in the 2020s alone of at least £400bn.

While of course, it is also fair to say that the government will also fund varying amounts of the investment required- COVID-19 has added immense fiscal pressure to already strained public budgets, thereby increasing the need to attract private finance.  However, to complicate matters, the UK is not the only nation or trading bloc to have committed to net- zero, and the huge investment that this entails.   Given the scale of investment needed around the globe, the UK must ensure that it has the appropriate policy and regulatory frameworks in place that will ensure it can compete to attract capital from long-term investors.   This necessity should not be taken for granted as over the past few years foreign direct investment levels overall into the UK have been falling.  The House of Commons Library shows that by 2019 FDI had fallen for the third consecutive year since 2016, having peaked at £192bn in 2016 to £35.6bn in 2019.

So, what needs to be done?

Over the past few decades, the UK has seen hundreds of billions invested in its water and energy networks alone, a sum that is nearly double pre-privatisation levels.¬† This investment was attracted by the UK‚Äôs excellent regulatory frameworks. But over the last decade, the view of many is that these ‚Äúgold standards‚ÄĚ have been steadily undermined, to an extent that confidence has reached a low point at the very moment when the UK needs to increase FDI.

The long-awaited National Instructure Strategy laid out the welcome expectation that substantial levels of private capital will be required to meet the UK‚Äôs infrastructure investment needs; HM Treasury expects private finance to provide at least half the required investment ‚Äď while acknowledging more needs to be done to mobilise this.¬† For instance there is also an acceptance that the UK‚Äôs regulatory regime must be updated to reflect the different challenges of today, helping to ensure that private sector investment can be unlocked at the lowest possible cost.¬† Likewise, there must also be a clear understanding of the roles and responsibilities of regulators and governments, linked to a commitment that aligns the interests of consumers in both the short and the long term.

But regulatory reform is just part of what needs to happen if we are to see the required levels of private investment in the UK’s infrastructure across the length and breadth of the country helping to deliver against not just the net-zero agenda but importantly helping to meet the government’s levelling up ambition.

The recent publication of the National Infrastructure Strategy, the Energy White Paper, and other government policy papers has provided an encouraging glimpse of the government’s direction of travel.¬† However, as the National Infrastructure Commission recently called for in its 2021 Monitor Report, we desperately need a clear framework that sets out the delivery plan that will achieve these policy goals; a plan that will provide investors sight of a strong pipeline of projects laid out over the next few decades.

The government needs to work with industry to resolve issues tied to more nascent technologies such as CCUS and hydrogen where revenue models are underdeveloped.  There needs to be an honest conversation about the role and expectations for these technologies; their ambitions for instance for hydrogen across industrial applications and domestic applications and the gas versus electric heat debate for example. Only when investors and industry can see these answers and can judge how the government is seeing the risk and reward balance can sensible decisions be made.

Over the years there has been much debate about the benefits of private investment in the UKs infrastructure.  We strongly recommend that all parties work together to build a strong transparent evidence base that can allow stakeholders to make accurate performance evaluations of the value of private investment in, and operation of, our infrastructure.  This will assist and improve future financing decisions; help rebuild trust and aid discussions around the suitability of different financing models across differing sectors.

Also, it is of the upmost importance that the Government should carefully consider the application of powers granted by the National Security and Investment Bill.  The scope of the bill is very wide, creating the likelihood that a large volume of notifications should be expected when the powers become operational. Given this, Government must ensure that the unit set up to manage this is fit for purpose from day one, ensuring any delays in deal approval are kept to a minimum and that there is as much transparency as possible around decisions.  Moves to encourage early informal advice are to be welcomed, this should be combined with a determination from government to use its powers sparingly, to help continue the view of the UK being a positive destination for foreign investment.

As we approach COP26 the government, regulators, and investors must work together across this agenda to stand a chance of delivering the scale of ambition for UK infrastructure.¬† It is often said that there is no shortage of money, and indeed the GIIA estimates that the leading private investors in infrastructure have at least US$200bn of ‚Äúdry powder‚ÄĚ available for deployment, with new funds being raised all the time.

But there is a shortage of time.

When Net Zero 2050 was announced, there were 122 quarters before 2050.  Since the legislation came into being on 27th June 2019, we have burnt through 6 of these and are nearly through the 7th.  As a country we have the technology, skills, and businesses; let’s not waste any more time and ensure we get the right frameworks in place to guarantee we also have the required levels of investment from private as well as public sources.

https://utilityweek.co.uk/no-time-to-waste-on-securing-net-zero-investment/ 

Blog – Infrastructure Investors rising to meet the SDG challenge

GIIA Communications and Events Executive Rebecca Jones takes a look at how members are rising to meet the challenges set by the UN in the Sustainable Development Goals …¬†

Established in 2015, the 17 United Nations Sustainable Development Goals (SDG), and the 169 sub-goals and indicators which sit behind them, represent an action plan for the planet and society to thrive by 2030. Addressing issues such as poverty, hunger, climate action, gender equality, education, clean and affordable energy and life on land and sea the SDGs recognize that action in one area will affect outcomes in others, and that development must balance social, economic and environmental stability.

Writing in the 2020 Sustainable Development Goals Report, UN Secretary General Antonio Guterres wrote:

‚ÄúThe 17 Sustainable Development Goals (SDGs) demand nothing short of a transformation of the financial, economic and political systems that govern our societies today to guarantee the human rights of all. They require immense political will and ambitious action by all stakeholders.‚ÄĚ

Infrastructure sits at the very heart of a number of the Sustainable Development Goals. By providing a range of essential services including transport, energy, water, waste management and digital communications, infrastructure serves as the backbone of a modern, civil society.

Investors in infrastructure are taking various approaches to meeting the challenge set by the UN’s Sustainable Development Goals and are shaping investment decisions and asset management allocations as part of a broader ESG agenda as highlighted by two recent GIIA publications in partnership with Marsh & McLennan looking at Global Risks for Infrastructure Investors (The Climate Challenge & The Technology Challenge).

With almost $US 1 trillion dollars of infrastructure assets under management, spread across 55 countries on 6 continents, GIIA members are helping to drive the transformation spoken about by Secretary General Guterras. Increasingly, asset owners are working with their local communities to maximise their ability to meet Sustainable Development Goals, while continuing to deliver these essential services. Some examples are listed below:

  • In India, CDPQ are investing in meeting India‚Äôs renewable energy targets, but the investment also extends to providing school lunches and health clinics in local communities.
  • In London, Dalmore are invested in a project to turn three quarters of a million tonnes of waste into energy which powers more than 150,000 homes, while creating new apprenticeship opportunities
  • In New York, Brookfield‚Äôs Oswegatchie River Hydroelectric Project has developed an innovative series of fish-ladders to ensure their natural passage up and down the River can continue uninterrupted, while the project itself providing power to over 1000 homes
  • And in Melbourne, a number of investors including OMERS and GIP‚Äôs investment in the Port of Melbourne has created more than 29,000 jobs with most coming from the local community while creating in excess of $A7.5 billion in economic growth for the Australian economy. In addition the Port has also provided more than $A250,000 in community partnership funding.

In launching the Sustainable Development Goals in 2015, then Secretary General Ban Ki-Moon stated:

‚ÄúThe seventeen Sustainable Development Goals (SDGs) are our shared vision of humanity and a social contract between the world‚Äôs leaders and the people.‚ÄĚ

Meeting the ambitious targets set down by the UN, particularly in light of the ongoing Covid19 pandemic, will require Government and the private sector to work collaboratively to bring new approaches to our cities, our regions and our natural environments.

And it is clear that cleaner, smarter and more efficient infrastructure will lie at the heart of many of these discussions ‚Äď with GIIA members standing ready to take up the challenge.

To see how GIIA members are delivering against the UN Sustainable Development Goals please visit www.giia.net/case-studies

 

 

Infrastructure Pulse Survey Q1

GIIA is pleased to launch the results of the latest Infrastructure Pulse Survey for both the Americas and European markets, produced in partnership with Alvarez & Marsal.

The Infrastructure Pulse Survey provides a regular temperature check of investor sentiment in the sector as well as identifying emerging trends and attitudes from the investment community.

Key highlights from the 2021 Q1 Infrastructure Pulse Survey include:

  • An overall positive view of the fundraising environment in both Europe and the Americas
  • In Europe, investor sentiment remains strong towards the Nordics following increased deal activity in Q4, 2020 while in the Americas attractiveness for investment was stable or slightly higher than the previous quarter with Brazil showing the most significant improvement, albeit still with a slightly negative overall
  • In both markets investors were most bullish about opportunities in communications infrastructure, followed by sustainable energy generation.

Speaking on the release of the results GIIA CEO Lawrence Slade said while the ongoing global health pandemic continues to provide a challenging backdrop for investors, it was encouraging to see that sentiment remained positive.

“The profound impacts of Covid will be felt on the infrastructure sector for many years to come. However, as the world emerges from the pandemic, and with optimism stemming from the vaccine rollout, infrastructure can play a significant role in helping economies rebound as well as addressing new challenges around a changing climate and increasing digitalisation.”

Click here to read Infrastructure Pulse Survey Q1 – Americas

Click here to read Infrastructure Pulse Survey Q1 – Europe

CEO BLOG | Climate adaptation and resilience at the heart of infrastructure investment

GIIA CEO Lawrence Slade looks at the challenge of climate adaptation for global infrastructure investors. Earlier this morning, Lawrence joined the Infrastructure Panel at the Climate Adaptation Summit 2021. For more information about the CAS please visit https://www.cas2021.com/. Follow Lawrence on Twitter @Lawslade

 

GIIA members own and operate infrastructure assets around the world in a range of sectors that serve millions of people every day. Whether it is providing the infrastructure to get them to and from work, connecting them to the digital world, powering their homes and offices, delivering clean, safe and reliable drinking water or providing the necessary social infrastructure that supports their communities, GIIA members invest in a diverse range of essential infrastructure.

Despite the stark differences between these assets and investments, one common theme does apply to all. Namely, how to deal with climate risks.

From water companies like Yorkshire Water who set about increasing flood resistance through the construction of reinforced pump station walls and improved drainage systems to Caruna Energy rerouting electricity cables underground to ensure the continued supply of electricity in adverse weather, GIIA members are recognising and adapting to a changing global climate.

 The challenge of climate adaptation is no longer viewed, in infrastructure investment circles, as something extraneous to core business risks, but instead is now a vital component of any risk mitigation strategy.

Indeed, research by the National Institute for Building Sciences estimates that for every $1 invested in climate resilience saves $6 in future economic disruption from extreme climate events.

Recently GIIA, in partnership with Marsh & McLennan, released a report looking at climate risks for infrastructure investors that recommended investors employ three levers to defend their assets against climate risk: namely ‚Äď

  • Using modern technology for climate focused scenario planning to predict future outcomes;
  • Considering key decision checkpoints in infrastructure asset life-cycle and timing climate resilience interventions appropriately; and
  • Using stakeholder engagement to proactively manage interdependent risks across an asset‚Äôs ecosystem.

While climate change has forced a structural rethink of risk profiles within the sector, this has led to an increased focus on climate resilience and adaptation strategies which, ultimately, delivers improved reliability for those millions of people who rely on today’s infrastructure in their day to day lives, and of course look to the sector to provide the clean, resilient infrastructure for future generations.

Raconteur ‘Future of Infrastructure’ Special Report

GIIA is pleased to once again be the Publishing Partner for Raconteur’s ‘Future of Infrastructure’ special report, appearing in today’s The Times, alongside contributions from other members including Macquarie, ISquared and Deloitte.

Click here to read Raconteur’s ‘Future of Infrastructure’ special report.¬†

GIIA welcomes new CBI report ‘Investing in Infrastructure’.

GIIA was pleased to contribute to the CBI‚Äôs new report titled ‚ÄėInvesting in Infrastructure ‚Äď Sourcing the Finance to Build Back Better‚Äô.

We welcome the acknowledgement of the vital role that private investment plays in delivering the modern, efficient and socially responsible infrastructure needed for future generations and the 13 recommendations the report makes.

In particular GIIA welcomes those recommendations calling on the Government to provide more clarity around the role they see for private investment in delivering many of the nation’s major infrastructure projects.

Speaking on the release of the report, GIIA CEO Lawrence Slade said:

‚ÄúAt a time when Government spending is rightly focused on both the social and economic recovery from the coronavirus pandemic, the private sector has the expertise and innovative ideas, and¬† stands ready to help address the UK‚Äôs long term infrastructure challenges while playing a significant role in the UK‚Äôs economic recovery.‚ÄĚ

The full CBI report can be viewed here