New legislation has been published by the government to encourage investment in the UK's infrastructure.

The Highways Agency is to be turned into a government-owned company and the coalition claims this will reduce costs to the taxpayer. It estimates the change will save taxpayers £2.6 billion over the next ten years as the company becomes more accountable to parliament and to road users.

The Infrastructure Bill is designed to create stable, long-term funding for work on the country's major road network. 

As well as improving the speed and quality of journeys, the new legislation will make it easier to sell surplus and redundant public sector land and property to help build more homes on brownfield land.

Transport secretary Patrick McLoughlin commented: "This bill will hugely boost Britain's competitiveness in transport, energy provision, housing development and nationally significant infrastructure projects."

Mr McLoughlin said the government plans to spend nearly £73 billion on infrastructure over the 2015 to 2021 period.