Such an important point. A debate on the quantity of spend (within the fiscal rules) risks obscuring the opportunity to increase the productivity of existing spending.
And I’d go a step further, I’d say increasing quality of spend has a positive feedback loop as would reduce the inflation premium on UK debt finance and throw off more headroom for a given set of rules. Yes, this is fewer fish discos and bat tunnels, but also shorter planning approval timescales, pared back judicial review.
Actually Starmer’s government (in pockets) has showed admirable effort in this space since 2024, but Manchesterism could have a real impact if it can materially accelerate those efforts - and show that part of those frictions has been the lack of control to coordinate agencies, regulators, statutory consultees, private providers and central government to work together and accelerate project timelines.
The UK spends more than most European countries on infrastructure. The issue is that costs are so high that we get very little for what we spend.