Rishi Sunak to tighten Treasury assessments for new projects
![](https://www.cityam.com/wp-content/uploads/2020/08/1227949876.jpg?w=742)
Rishi Sunak has threatened government departments that he will be tougher in assessing new infrastructure projects as the Treasury begins to worry about the UK’s bulging deficit.
The chancellor will reportedly give the Treasury more oversight of infrastructure spending by giving more power to experts to assess projects, before they report directly to himself and the Cabinet Office.
The Telgraph reports that Sunak, and the wider Treasury, is becoming increasingly aware of the need to avoid all unnecessary waste, after spending hundreds of billions of pounds during the coronavirus pandemic.
Sunak’s deputy Steve Barclay last month unveiled the Treasury’s plan to speed up delivery of projects, which will see the government invest in more high-growth projects.
Sunak is reportedly keen to implement this new strategy, while also ensuring that the government does not waste public money.
Before the Open newsletter: Start your day with the City View podcast and key market data
The Infrastructure and Projects Authority – a government advisory body run by infrastructure and major projects experts – will be responsible for assessing every potential project in the new regime.
The chancellor reportedly sent a letter to top civil servants in every government department to tell them to submit all plans directly to the Infrastructure and Projects Authority in the future.
The authority will then have the power to to attach requirements to projects, with the Treasury threatening to withhold funds if departments do not comply.
A government source told The Telegraph: “The UK economy has taken a huge hit and it’s fair to say our public finances are now under significant strain. So now we really have got to get to grips with how money is being spent and scrutinise in close detail on what.”