London: Over half of the UK's top management consultants want the Government to announce plans for further and faster investment in the UK's infrastructure in Wednesday's budget, according to the UK's Management Consultancies Association, MCA.
52% believe that investment in the country's infrastructure capability is the top priority to improve the UK business environment, according to The MCA Barometer, the survey of leading figures in the management consultancy industry carried out by the MCA in partnership with Ipsos MORI.
Commenting on the findings Alan Leaman, CEO of the MCA said, "At a critical moment for the future of the UK economy, the budget presents the Government with an opportunity that cannot be missed: to lay out a set of initiatives that will stimulate growth, create jobs and provide much needed improvements in our transport, buildings and economic strength.
"Investing in the UK's infrastructure will not only create employment in the short term, but will set our economy on track to become more competitive and efficient in the long term."
The MCA has recently urged the Government to create a clear picture of infrastructure priorities to give greater confidence to investors and to appoint a dedicated Minister to take charge of infrastructure spending.
The MCA Barometer identified other priorities for action in the budget to improve the business environment in the UK over the next 12 months:
- Reduce income tax (32%)
- Promote innovation (32%)
- Reduce corporation tax (31%)
- Reduce VAT (30%)
The MCA, through its UK Infrastructure: Invest in Growth report, also calls on the Government to take the necessary steps to encourage investment through setting clear priorities and increasing investors' confidence.
- Central Government should publish a definitive list of the projects that are planned across central and local government. This should be a needs based assessment that takes into account the potential growth to be achieved by increased investment.
- Recommendations from the HM Treasury Infrastructure Cost Review Charter should be implemented as a matter of urgency.
- All projects should be evaluated on completion.
- A bond financing model for economic infrastructure should be explored.
- The Government should invest in the best quality advice before entering into PFI or PPP contracts.
- Efficiencies in infrastructure projects should start with improving the procurement process.