Road network 'needs huge cash injection'
The CBI is calling on the Government to shake up the road network by breaking it up into regional franchises and creating a new regulator to hand out and oversee the contracts.
Pointing to an estimated £10bn shortfall in funding for planned road projects, the CBI director general, John Cridland, says the network desperately needs a massive injection of private capital.
Congestion already costs the economy up to £8bn a year, a figure which could increase to £22bn by 2025 if the roads aren't improved, the business lobbying organisation said.
"Every day, people up and down the UK lose time and money because of our clogged up roads – whether you're a business waiting for an urgent delivery, or a commuter stuck in the morning rush-hour. Gridlock is an all too familiar tale of life in the UK," said Mr Cridland. "With public spending checked, the case for new funding solutions is even more compelling and the Government recognises this. It's clear we need a gear change in how we manage and pay for our road network in the 21st century," he added.
Britain's road network is currently split between "local" roads, run by the authorities, and "strategic" roads, which are operated by the Department of Transport's Highways Agency.
Mr Cridland proposes scrapping the Highways Agency and replacing it with a regulator which would run a regional franchise system in a process that would take the strategic part of the road network out of the Government's budget.
The proposal would be financed by taking up to half of Britain's motoring taxes and using them to fund regional franchise licences controlled by the new regulator.
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...