A new report from Balfour Beatty has stressed the importance of 'shovel-ready' small and medium scale infrastructure schemes for the UK's economy.

The 'Small Scale, Big Impact: Infrastructure and Economic Regeneration' study states such projects will provide the construction industry with the pipeline and certainty to invest in training future experts to deliver large scale multi-billion pound developments such as HS2 and Heathrow's third runway.

A number of recommendations are made in the report, such as ensuring the planning system is operating effectively, retaining skilled EU workers, making local authorities use a single supplier framework and researching new methods for "gaining a full picture" on the wider economic development and regeneration benefits associated with infrastructural projects.

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In addition, various road, rail and flood defence schemes could be carried out before mega infrastructure schemes start due to the time and planning it takes before they can begin.

Leo Quinn, Balfour Beatty Group Chief Executive, said: "Whilst major infrastructure investment will be vital to the strength of the UK over the mid-term, we believe there is also a way for the government’s industrial strategy to drive rapid economic stimulus, with considerable geographic precision.

"As of today a number of road, rail, public realm, flood defence and construction projects exist which meet the Chancellor's tests, in many cases have been approved, but are stalled by lack of funding. Taking advantage of current low borrowing costs to select and implement those with potential to bring maximum impact on a localised basis would quickly disperse uncertainty and set the country on the path to an economic growth that works for everyone."

To view the report, visit here.

(LM/MH)