Sell-off of public assets to fund £100bn improvement plan for Britain's ageing transport system

  • Politics
Billions will be pumped into improving the UK's creaking transport system Credit: PA

Government-owned buildings and other assets will be sold off to help fund a £100 billion plan to update Britain's ageing transport system, under plans to be set out by Chancellor George Osborne.

Officials are now drawing up a list of potential assets to be sold off, with details expected to be announced at the annual spending review next month.

Mr Osborne spoke ahead of the launch of a National Infrastructure Commission, led by former Labour cabinet minister Lord Andrew Adonis, which will analyse where the country needs to make improvements.

Among those on the committee are former Olympic Delivery Authority boss Sir John Armitt, Tory former deputy prime minister Lord Heseltine, former Bank of England Monetary Policy Committee member professor Tim Besley, artificial intelligence expert Demis Hassabis, architect Sadie Morgan, economist Bridget Rosewell and Victoria & Albert Museum chairman Sir Paul Ruddock.

Initially, the group will focus on improving links in the north of England, which forms a major part of the Chancellor's 'Northern Powerhouse' devolution scheme.