Positive but not radical

摘要

One number matters more than any other in what the chancellor said on infrastructure investment in the Autumn Statement: 1,2%. It is, as a percentage of GDP, the guidance to the National Infrastructure Commission on UK spending on economic infrastructure from 2020 to 2050. The chancellor was proud to explain that it represents an increase on the current 0.8%. While that may be true, it is still low by international standards, and the continued focus on economic infrastructure in isolation, ignoring both social infrastructure and housing, is another missed opportunity to grasp the bigger picture.