- Treasury may modify debt limit for infrastructure
- Independent checks will ensure spending efficiency
- New strategy aims to attract private investment
The Treasury has provided the clearest signal yet that it may modify its self-imposed debt restriction in order to borrow billions of dollars to finance new infrastructure projects.
Independent checks on expenditure for big construction projects would be implemented to allow the government to borrow for investment “more efficiently,” according to Treasury Secretary Darren Jones.
He said that the expenditure measures will be designed to avert a repeat of the financial instability that followed former Prime Minister Liz Truss‘ 2022 mini-budget.
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New watchdogs will monitor a 10-year strategy for a pipeline of large projects, including buildings, roads, and rail.
What the government refers to as “guardrails” for infrastructure expenditure will be part of its strategy to attract private sector investment in British projects.
According to this idea, “expert-led checks and balances” will decide the quality of government borrowing for investment.
