EY: Britain must act swiftly and remain 'open for business'
Following Theresa May's appointment as PM, EY lays out the key infrastructure projects it believes the Government should prioritise.
The Government has been urged to move swiftly to restore confidence and make sure Britain remains “open for business”.
As Theresa May forms her new government, multinational professional services firm EY laid out their priorities in the wake of the EU referendum.
Manish Gupta, Head of Infrastructure Corporate Finance at EY, said:
“Following the EU referendum, appetite for infrastructure investment in the short term may have taken a hit as foreign investors and lenders grapple with heightened uncertainty.
“The focus for the new Government should now be on moving swiftly to restore confidence and ensure that Britain remains ‘open for business’. If the economy does lose momentum, we can expect the Government to put its balance sheet into use to boost investment in infrastructure.”
On Airports, he said:
“Making a decision on the airport capacity in the South East is likely to be a number one priority. Following the Davies Commission report, the facts are on the table and businesses will be expecting the new PM to make the call as soon as possible.”
On devolution and localism:
“Promoting economic growth in the regions has never been more crucial. Further support for the Northern Powerhouse and devolution are likely to be at the top of the new PM’s agenda.
“This is likely to involve support for upgrades to the M62 and high speed rail connectivity.”
On Crossrail 2 and HS2:
“With endorsement from the National Infrastructure Commission, the new PM can be expected to throw her weight behind Crossrail 2 as an economic enabler for future growth in London. Businesses would also like to see her championing High Speed 2 which will be crucial in helping to rebalance the economy.”
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