Labour leader Ed Miliband has set out plans to establish an independent infrastructure commission if his party wins the 2015 general election.

In a speech to the Inclusive Prosperity conference organised by Policy Network in London, Mr Miliband gave his backing to the Sir John Armitt's review into UK infrastructure policy, claiming an independent body would help tackle the "chronic short-termism" holding back British business.

"Nowhere is the failure of the ability to plan for the long-term clearer than in our infrastructure where Britain lags far behind other countries," Mr Miliband said.

Under the proposals put forward in the Armitt Review, the National Infrastructure Commission would look 25-30 years ahead at the UK's infrastructure needs and set clear priorities such as energy supply or flood prevention.

A national infrastructure assessment would be carried out every ten years, including extensive research and consultations with major stakeholders.

There would be a parliamentary vote on these priorities within six months of their publication and detailed sector plans would be drawn up by government departments within 12 months of the vote. 

Following a parliamentary vote on the plans, the infrastructure commission would evaluate their suitability and submit annual reports to parliament on their delivery.