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18/07/2012
Government To Underwrite £50bn Investment
The government says in an effort to lift the economy it will underwrite £50bn of investment in infrastructure and exports.
The Chancellor, George Osborne, said he was using the coalition's "hard won fiscal credibility" to release private sector funds.
The news follows a report earlier this week from the International Monetary Fund (IMF) which sharply cut its growth forecasts for the UK economy, saying that wealth would grow by just 0.2% this year.
Under the "UK Guarantees" scheme, up to £40bn of funding will be underwritten for infrastructure projects that have been put on hold following difficulties in raising money from private investors.
The government will charge for finance for the projects, which could be in a range of sectors, including transport, energy, communications, and education.
Those seeking the money will have to meet criteria including being able to begin work within 12 months.
They will also have to prove the project will have a positive impact on economic growth, as well as provide good value for taxpayers.
The government hopes the first guarantees will be made in the autumn.
(H)
The Chancellor, George Osborne, said he was using the coalition's "hard won fiscal credibility" to release private sector funds.
The news follows a report earlier this week from the International Monetary Fund (IMF) which sharply cut its growth forecasts for the UK economy, saying that wealth would grow by just 0.2% this year.
Under the "UK Guarantees" scheme, up to £40bn of funding will be underwritten for infrastructure projects that have been put on hold following difficulties in raising money from private investors.
The government will charge for finance for the projects, which could be in a range of sectors, including transport, energy, communications, and education.
Those seeking the money will have to meet criteria including being able to begin work within 12 months.
They will also have to prove the project will have a positive impact on economic growth, as well as provide good value for taxpayers.
The government hopes the first guarantees will be made in the autumn.
(H)
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Northern Ireland WeatherThis Evening and Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 7 °C.
