Cutting the deficit is the number one, two and three priority for the government. But it is also trying to do three other things. It wants to roll back the role of the state in the economy by reducing the percentage of public expenditure compared with private expenditure, and that’s important for all suppliers in the infrastructure market to understand. It’s also trying to delegate some of the tough decisions away from central government to local government, and it’s trying to move to a position where spending decisions are made on the basis of cash spend.

The story so far is a mixed picture – it’s not as bleak as is sometimes made out.You could say the government has done a fantastic job of frightening the market witless about what might happen, whereas the reality is a bit more subtle and complicated.The main question is, will this be a really radical government that changes the way infrastructure is delivered in this country, or is it just going to be a cost-cutting one?