CIPFA spotlight Why good

On the level

CIPFA’s new infrastructure report shows how good public financial management is key in levelling up, writes Sarah Shreeves

Infrastructure is everywhere. It is the web that weaves its way around the world, connecting people and place with opportunities and growth. Submerged undersea cables carry data between continents, roads and bridges connect businesses to customers and an aerial network of cargo and passenger planes criss-crosses the sky.

Infrastructure has the power to stimulate economic growth and spread opportunities and wealth. Following the release of the government’s Levelling Up White Paper, we published our major ‘Investing in Infrastructure – enabling fairer growth’ report. It looks at six international infrastructure projects that have had considerable success in improving the quality of people’s lives.

With this knowledge, infrastructure policy in the UK can be better informed, more impactful and ultimately more successful.

There are several key takeaways from the report. First, it finds that the financing mechanisms must be flexible and varied. By taking into account local governance structures, local funding streams and the fiscal autonomy of a region projects can be funded in a way which brings benefit to the local authority and community.

It also notes that robust measurement, monitoring and evaluation across a project's lifespan can significantly strengthen outcomes of the investment. By using this data, the project can remain targeted, course-correction can take place and lessons can be learnt for future projects.

Good public financial management is central to these efforts and public finance professionals are key. They will be responsible for identifying, securing and bidding for funding, establishing best practice, oversight and scrutiny, building relationships with private investors, working across local and national government, measuring and monitoring outcomes and making sure that value for money is being delivered.

Major infrastructure projects are just one aspect of levelling up. The role of the public finance professional will be vital in delivering many other projects and strategies designed to spread opportunities and stimulate economic growth in the region’s most in need.

Future public finance professionals will face many challenges in their career. Working in the public sector comes with the responsibility to improve public services to make people’s lives better. This will involve considerable funding and commitment – levelling up is not quick or easy.

Improving life chances should be a priority for future governments for generations to come. Reducing regional inequalities will need committed and passionate finance professionals who can identify areas for investment, can fairly allocate often limited funding and to ensure value for money for the taxpayer.

Perhaps levelling up, as well as achieving the net-zero agenda, will come to define the next decade. It will be today’s public finance students who will be key in making sure these policies are a success. • Sarah Shreeves is Head of Training Services at CIPFA

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