The influential credit rating agency Standard & Poor’s estimates that the UK infrastructure deficit now stands at more than £60bn despite government’s promise to unleash private sector investment in infrastructure to spur growth.

In a new report, Building For Growth, S&P has added its voice to those calling for a wave of fresh infrastructure spending to drive further growth in the UK economy.

While the debate on infrastructure often focuses on cost, S&P believes the returns on investment are equally important.

The positive impact of extra infrastructure spending would be sizeable and self-funding, argues the report.

It estimates that for every £1 spent on infrastructure in one year the country’s GDP would rise by £1.9 over a three-year period.

S&P said for this reason it expects infrastructure investment to increase over the next decade, creating significant opportunities for private investment in the sector.

“In our view, this could boost the country’s economic growth, both in the short term and over time.

“The long-term impact of increased infrastructure investment is relevant because, in our view, insufficient investment has been one of the key factors explaining weak productivity performance in the UK.”