John Cridland, CBI Director-General, said: “Every day, people up and down the UK lose time and money because of our clogged-up roads – whether you’re a business waiting for an urgent delivery, or a commuter stuck in the morning rush-hour. Gridlock is an all too familiar tale of life in the UK, and one that is already costing us £8 billion a year.

“With public spending checked, the case for new funding solutions is even more compelling, and the Government recognises this. Infrastructure matters to business, and delivering upgrades to our networks is one of the highest priorities for the CBI to get the economy moving again.

“It’s clear we need a gear change in how we manage and pay for our road network in the 21st century. A lack of investment means we are really struggling to increase road capacity, let alone adequately maintain what we already have.”

As part of this new model, the CBI is pressing for a new governance structure for the UK road network - including the set-up of a new independent roads regulator - to raise the performance standards of our roads, provide greater cost efficiencies and help improve the experience of all users.

A regulator would cap costs for business and the public, while controlling the level of returns for private investors.

John Cridland, CBI Director-General, said: “An independent regulator is essential to the success of a new governance structure, delivering a fair deal for motorists and investors. While lessons need to be learnt from past experiences, such regulators have been regarded as successful by injecting greater investment and getting real value for money where they have been properly used.”

With 83% of all goods in the UK transported by road, the quality and reliability of our road network is critical to ensuring that the UK is an attractive place to invest. A well-functioning road network is inherently linked to the UK’s potential for economic growth.

While 84% of businesses regard the quality and reliability of their transport networks as significant to their investment choices, over half have seen a decline in motorway standards and two-thirds report deterioration in local roads.