Transport Network Investment Plans Announced
The transport secretary has announced that more than £40 billion will be invested in "transformational transport schemes" over the next two financial years.
The funding is intended to help level up and grow the economy.
The funding includes continued investment in HS2 and £8 billion investment for major roads.
Transport Secretary Mark Harper said: "We know the power of transport as an engine for sustainable economic growth. That’s why – even in this tough economic climate – this government sees transport investment as a down payment on the country’s future and is committing £20 billion over each of the next 2 years to improve the UK’s transport network.
"But we can’t ignore the current realities. Putin’s war in Ukraine has hiked up inflation, sending supply chain costs rocketing. The responsible decisions I’ve outlined today will ensure we balance the budget at the same time as investing record sums in our transport network to help halve inflation, grow the economy and reduce debt."
The press release from the Department for Transport also announced that several projects have been delayed "in recognition of inflationary pressures and to help balance the nation’s books" and due to "challenging economic headwinds following Russia’s illegal invasion of Ukraine and supply chain disruption as the global economy recovers from the pandemic, which have made project delivery difficult".
Delayed projects include The A27 Arundel Bypass and A5036 Port of Liverpool Access and the Lower Thames Crossing.
£3 billion will also be invested in active travel up to 2025.