capital investment

Haigh said: "This represents record capital investment to the majority of places and a once-in-a-generation reform plan that aims to deliver London-style buses to every corner of the country - including those areas that are usually overlooked."

There will also be an extra £1.57bn of capital investment – that is spending on equipment and buildings – that will come through in the next financial year.

Last year, it adds, the England and Wales water sector invested £9.2bn, which it says is the highest capital investment ever in a single year.

"What I'm confirming today is we put those in place for capital investment and infrastructure delivery."

The chancellor said contracts such as this were never signed by the previous government because it did not prioritise capital investment - which is money spent on items such as buildings, equipment, and IT.