Rishi Sunak yesterday promised to pour £ 100 billion into road, rail and broadband projects.
The Chancellor refused to forego the government's plan for one-off infrastructure spending.
Despite Covid's economic setback, he said it had fueled the highest sustained public investment in more than 40 years.
Mr Sunak said MEPs investment would increase £ 27 billion to £ 100 billion over the next year. He said he was making "one-time plans for one-time returns for our country."
The money will be used within five years to provide faster broadband for millions of homes and offices and 4G cellular coverage for 95 percent of the country.
Rishi Sunak yesterday promised to pour £ 100 billion into road, rail and broadband projects. Pictured: an engineer checks 5G masts in London
The Treasury Department also reiterated its pledge to support the expensive HS2 rail line, saying it was important to "provide substantial north-south connectivity".
Mr. Sunak also promised new bike lanes and more than 800 zero-emission buses. Ministers will spend millions to help many of Dr. Beeching in the 1960s to restore interrupted rail services.
And there will be billions more for a National Home Building Fund to finance housing construction.
The Chancellor informed MEPs that the investment next year will amount to GBP 100 billion – in real terms GBP 27 billion more than last year.
"Our plans offer the highest sustainable public investment in more than 40 years," he said. & # 39; To build housing, we are launching a National Home Building Fund of £ 7.1 billion in addition to our Affordable Housing Program of £ 12.2 billion.
The Chancellor refused to forego the government's plan for one-off infrastructure spending. Pictured: Road closure through Stonehenge
Despite Covid's economic setback, he said it had fueled the highest sustained public investment in more than 40 years. Pictured: Ongoing HS2 work at Chalfont St Giles, England
"We will deliver faster broadband to more than 5 million locations across the UK and better mobile connectivity with 4G coverage in 95 percent of the country by 2025." Mr. Sunak also promised the "largest investment in new roads yet". He added, "Modernized railways, new bike lanes and over 800 zero-emission buses – our capital plans will invest in the greener future we promise."
Mr Sunak pledged to make Britain a "scientific superpower" with nearly £ 15 billion to fund research and development.
"To fund our plans, I can also announce that we will set up a new UK infrastructure bank," he said. "The bank, headquartered in the north of England, will work with the private sector starting this spring to fund major new investment projects across the UK."
However, the Treasury Department announced that development of Crossrail 2 – a line that runs across London – has been halted. His National Infrastructure Strategy states: “Improving the rest of the UK does not mean lowering London.
& # 39; The government continues to address capacity issues in the capital by funding the completion of Crossrail but has agreed that Transport for London will stop developing Crossrail 2.
"This frees up investment to upgrade the performance of public transport networks in regional cities towards London's gold standard." Fifteen other proposals to reverse historic cuts in the rail network have secured development finance. Boris Johnson pledged to "restore many of the rail services lost by the Beeching cuts".
The government previously allocated GBP 500 million to assess the feasibility of reopening closed lines and stations.
Ten programs received development funds in May, and 15 more were announced yesterday in the National Infrastructure Strategy.
Projects to benefit from the latest round of funding include the reopening of Ferryhill Station in County Durham; Re-establishment of connections between Bolton, Radcliffe and Bury, Greater Manchester; and restoration of the connection between Stratford-upon-Avon and the Honeybourne / Worcester / Oxford line. CBI chief economist Rain Newton-Smith said the spending review laid the foundation for an economic recovery, but the government must meet its commitments.
"It is right to use this opportunity to plan for tomorrow, but ambition has to go hand in hand with action on the ground," she said.
"The government's obligation to build, build, build must now be fulfilled."
Jonathan Geldart, director general of the Institute of Directors, said the measures would significantly boost business confidence.
"As always, the acid test will be how quickly and effectively this funding hits the bottom," he said.