2 December 2011
Infrastructure investment is essential if the UK is to retain its competitiveness. Only by investing in our future will we be able to grow our way out of the economic mess we are in. That's the message from the Government's announcement this week of a £50 billion programme of investment in our crumbling infrastructure.
The Chancellor's plans form part of a wider growth strategy, the next installment of which is to be announced in Tuesday's Autumn Statement. The aim is to unlock a wave of new investment to fund infrastructure on a scale not seen since 1945. It shows just how seriously the Coalition is taking the need to achieve growth. By investing in new homes, roads, broadband and power stations we can help get Britain moving again.
As the world gears up for a new age of global challenge and the UK faces a turning point in terms of its relevance and role internationally, it really is a case of invest now or regret later.
But what does this mean for Norfolk and our beautiful villages and market towns? Can we have development which improves the beauty of our county? I believe so. There is no reason why we cannot have heritage and development. But to do so we need to take control of our planning system back from London so that we can develop our own model of development appropriate for our area. This is the idea at the heart of The Norfolk Way, a project I founded in 2008 to promote a sustainable model of rural development based on a vibrant rural economy. With good road, rail and broadband links and a more entrepreneurial economy, more and more people can work from, or closer to, home. Instead of mass commuter housing, we can build smaller pockets of housing for local people in and around the towns and villages we all want to live in. It's all about creating a sustainable future which allows us to continue living and working successfully in this beautiful rural county.
So the need for infrastructure isn't just a national issue, its key for us in Norfolk too. To rebalance the economy away from the City, and its over-reliance on boom and bust, we need the infrastructure in place to kick-start our regional economy. We've got all the potential here; we just need to unlock it. That has been my central message since being adopted as a Parliamentary Candidate in Mid Norfolk in 2007 and it's the message that all the Norfolk MPs have been communicating in London to Government Ministers. Norfolk isn't looking for a hand out. Give us the tools and we're ready to help rebuild a sustainable recovery.
We have progress in 18 months. Works on dualling the A11 have finally begun and Norfolk has already secured Government investment of £15 million in Broadband after the successful bid from our County Council, which will be invaluable for residents in allowing people to work from home and set up their own businesses. The next big push being undertaken by the Norfolk MPs in the Infrastructure campaign is to secure the rail links we deserve; and that means quicker services between Norwich and London, upgrades at Ely and on the Fenline, and more frequent and faster services between Norwich and Cambridge. In two weeks we'll be holding a rail summit with the train operating companies, Network Rail, Local Enterprise Partnerships, and Norfolk, Suffolk and Cambridge County Councils to agree a set of priorities for East Anglia's key routes for the next 20-30 years that can be delivered in achievable costed stages. It's the next frontier for getting the Eastern region and its economy moving.
Norfolk has particular strengths in some key areas of long term growth in the 'life sciences' - plant science, biomedicine, and industrial biotech - which can lead to major new export markets. In my new role as Life Sciences Adviser to the Government I've been identifying areas of innovation excellence across the UK, and I'm delighted to have been able to highlight Norfolk's potential. By better links between Cambridge and Norwich, the A11can be a world class 'innovation corridor' spawning high growth research based businesses. On the A11 corridor we have Cambridge University, the UK's leading biotechnology cluster, the John Innes Centre, the Institute of Food Research, the UEA Climate Research unit, and a cluster of precision engineering and renewable energy expertise. We have the platform to lead the world in some key areas of agriculture, renewable energy, clean fuels, engineering and biomedicine.
What's holding us back? Infrastructure. I recently spoke to a leading Cambridge entrepreneur who has founded over 20 successful technology businesses, who told me he was excited by the potential in Norwich but wouldn't be investing here simply because he couldn't face the journey down a gridlocked A11 or the slow railway service. It was a prime example of the cost of poor communications infrastructure.
But how do we finance infrastructure? Not since the Victorians built our cities and railways has there been the need to so radically overhaul our infrastructure in the UK. With Government finances so tight we need new thinking and new models of funding. We need to move away from the inefficient PFI financing model and explore new ideas for unlocking money earning nothing in bank deposit accounts.
What about an 'East Anglian Infrastructure Building Society' to raise and invest the billions we need for new high quality housing on a network of fast rail, road and broadband links. This would work by:
This is one idea I have submitted to the Treasury, but we need others. We need to be bold in thinking creatively about new ways we want to unlock regional growth.
Ultimately our county and region has the talent and technology to help rebalance the UK economy away from an over-dependence on unsustainable debt-fuelled booms in the city, the housing market and public sector. We have the talent, excellence, and 'do different' spirit needed to drive innovation. In our research base and local businesses we have the platform to drive the sustainable technology revolution the rapidly developing world population will need. Now we need the infrastructure to get it moving.
Norfolk should not have to choose between development and heritage. We must insist on the freedom to develop our county in a way that combines opportunity with a high quality environment to live in, raise a family and build great businesses. We must seize the opportunity to stop infrastructural isolation from holding us back. Let's rediscover the pioneering Norfolk spirit of leadership and innovation that gave Britain our greatest military hero, our first Prime Minister and the seeds of the agricultural revolution. Let's do it our way, The Norfolk Way.
The Chancellor's plans form part of a wider growth strategy, the next installment of which is to be announced in Tuesday's Autumn Statement. The aim is to unlock a wave of new investment to fund infrastructure on a scale not seen since 1945. It shows just how seriously the Coalition is taking the need to achieve growth. By investing in new homes, roads, broadband and power stations we can help get Britain moving again.
As the world gears up for a new age of global challenge and the UK faces a turning point in terms of its relevance and role internationally, it really is a case of invest now or regret later.
But what does this mean for Norfolk and our beautiful villages and market towns? Can we have development which improves the beauty of our county? I believe so. There is no reason why we cannot have heritage and development. But to do so we need to take control of our planning system back from London so that we can develop our own model of development appropriate for our area. This is the idea at the heart of The Norfolk Way, a project I founded in 2008 to promote a sustainable model of rural development based on a vibrant rural economy. With good road, rail and broadband links and a more entrepreneurial economy, more and more people can work from, or closer to, home. Instead of mass commuter housing, we can build smaller pockets of housing for local people in and around the towns and villages we all want to live in. It's all about creating a sustainable future which allows us to continue living and working successfully in this beautiful rural county.
So the need for infrastructure isn't just a national issue, its key for us in Norfolk too. To rebalance the economy away from the City, and its over-reliance on boom and bust, we need the infrastructure in place to kick-start our regional economy. We've got all the potential here; we just need to unlock it. That has been my central message since being adopted as a Parliamentary Candidate in Mid Norfolk in 2007 and it's the message that all the Norfolk MPs have been communicating in London to Government Ministers. Norfolk isn't looking for a hand out. Give us the tools and we're ready to help rebuild a sustainable recovery.
We have progress in 18 months. Works on dualling the A11 have finally begun and Norfolk has already secured Government investment of £15 million in Broadband after the successful bid from our County Council, which will be invaluable for residents in allowing people to work from home and set up their own businesses. The next big push being undertaken by the Norfolk MPs in the Infrastructure campaign is to secure the rail links we deserve; and that means quicker services between Norwich and London, upgrades at Ely and on the Fenline, and more frequent and faster services between Norwich and Cambridge. In two weeks we'll be holding a rail summit with the train operating companies, Network Rail, Local Enterprise Partnerships, and Norfolk, Suffolk and Cambridge County Councils to agree a set of priorities for East Anglia's key routes for the next 20-30 years that can be delivered in achievable costed stages. It's the next frontier for getting the Eastern region and its economy moving.
Norfolk has particular strengths in some key areas of long term growth in the 'life sciences' - plant science, biomedicine, and industrial biotech - which can lead to major new export markets. In my new role as Life Sciences Adviser to the Government I've been identifying areas of innovation excellence across the UK, and I'm delighted to have been able to highlight Norfolk's potential. By better links between Cambridge and Norwich, the A11can be a world class 'innovation corridor' spawning high growth research based businesses. On the A11 corridor we have Cambridge University, the UK's leading biotechnology cluster, the John Innes Centre, the Institute of Food Research, the UEA Climate Research unit, and a cluster of precision engineering and renewable energy expertise. We have the platform to lead the world in some key areas of agriculture, renewable energy, clean fuels, engineering and biomedicine.
What's holding us back? Infrastructure. I recently spoke to a leading Cambridge entrepreneur who has founded over 20 successful technology businesses, who told me he was excited by the potential in Norwich but wouldn't be investing here simply because he couldn't face the journey down a gridlocked A11 or the slow railway service. It was a prime example of the cost of poor communications infrastructure.
But how do we finance infrastructure? Not since the Victorians built our cities and railways has there been the need to so radically overhaul our infrastructure in the UK. With Government finances so tight we need new thinking and new models of funding. We need to move away from the inefficient PFI financing model and explore new ideas for unlocking money earning nothing in bank deposit accounts.
What about an 'East Anglian Infrastructure Building Society' to raise and invest the billions we need for new high quality housing on a network of fast rail, road and broadband links. This would work by:
- Creating a new vehicle with a 20 year franchise to run the TOC and Railtrack businesses, conditional upon commitment to a long term housing and infrastructure investment programme;
- granting the new vehicle special development rights along the rail corridor, with generous compulsory purchase and compensation as they have in France;
- empowering the vehicle to issue a (Government backed?) 5% coupon to investors;
- encouraging a wide range of individual, corporate and pension fund investors;
- structuring the vehicle so that it is led by a regional figurehead and is accountable to its regional shareholders and local councils;
- allowing local authorities in the region to be shareholders with a stake in the wider regional infrastructure.
This is one idea I have submitted to the Treasury, but we need others. We need to be bold in thinking creatively about new ways we want to unlock regional growth.
Ultimately our county and region has the talent and technology to help rebalance the UK economy away from an over-dependence on unsustainable debt-fuelled booms in the city, the housing market and public sector. We have the talent, excellence, and 'do different' spirit needed to drive innovation. In our research base and local businesses we have the platform to drive the sustainable technology revolution the rapidly developing world population will need. Now we need the infrastructure to get it moving.
Norfolk should not have to choose between development and heritage. We must insist on the freedom to develop our county in a way that combines opportunity with a high quality environment to live in, raise a family and build great businesses. We must seize the opportunity to stop infrastructural isolation from holding us back. Let's rediscover the pioneering Norfolk spirit of leadership and innovation that gave Britain our greatest military hero, our first Prime Minister and the seeds of the agricultural revolution. Let's do it our way, The Norfolk Way.
