Tuesday 10 March 2020 10:30 pm

Budget 2020: Chancellor Rishi Sunak promises "record" infrastructure spend

Chancellor Rishi Sunak will pledge £600bn over a decade, as he promises “record amounts” of infrastructure investment in tomorrow’s Budget.

The Treasury said Sunak will triple the average net investment seen over the past 40 years as part of the Prime Minister’s “levelling up” plans.

Read more: George Osborne’s former adviser Rupert Harrison: Extra spending in Budget is ‘welcome’

The Budget, which will be delivered tomorrow, will see more money being made available for transport infrastructure, such as roads and railways, as well as investment in affordable housing, broadband and research.

Speaking on the eve of his statement, Sunak said: “This is a Budget for people right across the country – no region will be left behind.”

“We have listened and will now deliver on our promise to level up the UK, ensuring everyone has the same chances and opportunities in life, wherever they live.”

The Chancellor will deliver the Budget just a month into the job, after his predecessor Sajid Javid resigned during the Prime Minister’s reshuffle.

Sign up to City A.M.’s Midday Update newsletter, delivered to your inbox every lunchtime

As part of the infrastructure spending, Sunak is expected to announce £2.5bn of funding to fix up to 50m potholes across the country.

The spending package will be spread over the next five years and the Treasury said it would be enough to fix 10m pot holes a year. The funding will also be available for local authorities to undertake road resurfacing.

Sunak said: “We can’t level up Britain and spread opportunity if we are spending our journeys dodging potholes and forking out for the damage they cause. It’s vital we keep roads in good condition.”

Read more: Budget 2020: Chancellor Rishi Sunak to scrap ‘tampon tax’

“That’s why we are going to eradicate the scourge of potholes in every part of the country.”

The government has faced calls for increased spending to help tackle the coronavirus outbreak. On Sunday, Sunak told Andrew Marr that the NHS would get “whatever resources it needs” during th ecrisis.

Get the news as it happens by following City A.M. on Twitter