30 Oct 2024

Labour Autumn Budget 2024: Infrastructure, Energy, Water, and Transport Investment Details

Rachel Reeves’ Autumn Budget for 2024 has laid out a series of strategic investments and reforms across infrastructure, energy, water, and transport, reinforcing Labour’s commitment to building a greener and more resilient UK.

The Chancellor also announced that the government has commissioned Chief Scientific Adviser Professor Dame Angela McLean and National Technology Adviser Dr. Dave Smith to review obstacles to adopting transformative technologies in key growth sectors highlighted by the Industrial Strategy. The review’s insights will shape the forthcoming industrial strategy and sector plans, set to be released with Phase 2 of the Spending Review.

1. Infrastructure Investments: £35 Billion Allocation

Roads and Digital Infrastructure: The budget commits to investing £35 billion in infrastructure improvements over the next five years, specifically targeting local councils' road maintenance and digital infrastructure expansion. A key focus is on improving digital connectivity, with a notable increase in funds to support the expansion of full fibre broadband and 5G networks.

2. Energy Transition and Renewables Investment: £12 Billion Commitment

The budget confirms a total allocation of £12 billion to accelerate the transition towards clean energy. This includes £6 billion earmarked for expanding offshore wind capacity and £4 billion for the Clean Energy Transition Fund, which will focus on hydrogen and solar energy developments. The Green Homes Grant receives £2 billion for household energy efficiency, which targets 300,000 homes in the initial rollout phase.

3. Water Infrastructure and Sustainability: £4.5 Billion Clean Water Initiative

The budget outlines a £4.5 billion initiative to improve water infrastructure, aimed at reducing leakages and improving drinking water quality. A substantial portion, £1.5 billion, is designated for projects that aim to reduce water leakages by 25% by 2030.

4. Transport Modernisation: £20 Billion Package for Green Transport

£20 billion has been allocated to green transport projects, with a clear emphasis on enhancing rail infrastructure and expanding HS2 and other regional rail networks. This investment also includes £5 billion dedicated to expanding the EV charging network to add 100,000 new chargepoints.

You can also read our techUK's insight and summary of key announcements on tech and wins from our Growth Plan.