Transport infrastructure projects in the UK cost far more and take far longer than European equivalents, according to a new report.
The report says the UK gets much less infrastructure than counterparts such as Germany, Italy and Spain despite spending the same amount – and it is down to what it calls infrastructure investment cost premium.
In other words, there are too many complex, time-consuming and expensive hurdles to overcome in the planning stages, causing construction to be delayed and completion dates pushed back. Meanwhile, equivalent infrastructure schemes in Europe are approved and built much faster.
The report – Building more for less – published by think tanks Britain Remade and the Centre for British Progress, finds that on average the UK pays 65% more per unit of infrastructure than comparable countries. This translates into £8.3bn a year wasted due to spending failing to deliver equivalent infrastructure.
It finds that Britain consistently out-invests many European countries...