This time sequence, of first delivering infrastructure and then starting to charge road users, raises an important issue: how to bridge the financial gap. Such bridging constructions are already operational in other areas where they are known as the Private Finance Initiative (PFI). In the past, PFI has been deployed in a large number of UK transport schemes, in both the construction of roads and public transport infrastructure. They are generally regarded as flexible tools when it comes to the transport sector, and private capital has helped to fund a variety of large and small schemes. When it comes to the massive upgrades needed for Britain’s transport infrastructure, these previous experiences could help to design a scheme linking the upgrades to a future road pricing system.

Obviously, there are numerous problems to be considered when it comes to the introduction of an integrated approach to transport infrastructure and road pricing, and in our report ‘Towards Better Transport’ (Richard Wellings and Briar Lipson, Policy Exchange, 2007) we discuss them in detail. For example, any link between the PFI and road pricing has to consider the technical and political risks, while also coming up with robust forecasts for road pricing revenue. The technology to be used for future charging schemes will also have to be carefully chosen.

Fortunately, a lot can be learned from other European countries that have already introduced nationwide charging schemes. In Switzerland, lorries have been tracked and charged since 2001. Germany and Austria have also introduced lorry-road user charges, and in the Netherlands a general road pricing scheme is starting soon.

It’s time to tackle our infrastructure crisis. Our quality of life and our economic prospects depend to a large degree on our willingness to get Britain moving again.

Dr Oliver Marc Hartwich is chief economist for Policy Exchange (www.policyexchange.org.uk)