In the case of public sector projects this additional cost ends up adding to the tax burden.

The Government has embarked on a programme of extensive commitments to projects as part of its levelling up strategy.

The £4.8bn Levelling Up Fund now includes projects ranging from the re-opening of the UK's oldest road suspension bridge on the River Tees to a major waterfront extension in Doncaster.

£2.6bn was also put aside in the Autumn Budget for improvements to 50 roads across the UK.

This week Secretary of State for Levelling Up, Michael Gove, insisted the UK still had sufficient money for such projects, telling BBC Radio 4's Today programme his budget had "significantly increased" with the commitment to public spending now "higher than any government... in history."

But with the risks of project delays and cost overruns Mr Amratia warned: "We should not be wearing rose coloured glasses when we think about the levelling up agenda."

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