The Institute of Civil Engineers (ICE) has called for a National Infrastructure Investment Bank, as part of its annual Budget submission.
Addressing the Treasury ahead of the chancellor’s 2010 Budget speech, ICE argues that a funding body needs to be set up to provide investment for ambitious government infrastructure projects.
A host of ambitious plans are in the pipeline for the following year including developments in transport, renewable energy, housing, water and waste management projects.
However, with an estimated £500 billion cost to implement the plans the ICE say manufacturers and engineers need preliminary funds to finance the operations.
Equipment such as heavy-duty conveyors and en-masse elevators are expensive to make and the initial outlay for manufacturing companies is sky-high as often these parts have to be made before they are ordered from a buyer.
The ICE’s call for finance would allow bulk material handling specialists to develop new products ahead of an actual order so they are ready to be distributed upon demand.
It is hoped the funding will allow manufacturers to act rather than react and will be a major boost to the industry, freeing up cash flow to potentially create new jobs.