PM and Chancellor welcome £36 billion infrastructure projects
22 Apr 2014 12:36 PM
The
Prime Minister and the Chancellor will visit a transport infrastructure project
today (22 April 2014) to see how the government is helping hardworking people
and backing businesses with investment in better
infrastructure.
More than 200 projects due to start construction in 2014
to 2015
They will highlight that, as part of this
government’s long-term economic
planto help Britain succeed, more than 200 projects in rail, road, local
transport, flood defences, broadband, airport infrastructure and waste
management are due to start construction in 2014 to 2015. These include the
Mersey Gateway Bridge, Sheffield Lower Don Valley and Exeter flood defence
schemes and the A1 Barton to Leeming motorway upgrade, which will reduce
journey times by 20 per cent.
Another 200 infrastructure projects are also due to be
completed this year, including major roads such as the M6 J10A-13, Nottingham
tram extension, Heathrow Terminal 2 upgrade and Gwynt y Môr offshore wind
farm, which is currently the largest in construction anywhere in
Europe.
The
projects due to start construction this year are part of £36 billion of
planned investment - £5 billion public investment, £21 billion
private investment and £10 billion in joint public and private investment
- in infrastructure across the country that could support over 150,000 jobs in
construction and many thousands more in other sectors following completion.
This includes the start of a £38 billion programme of rail spending over
the next 5 years.
In
addition, there is expected to be further investment of up to £15 billion
in oil and gas this year.
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First class infrastructure
Prime Minister David Cameron said:
Ensuring Britain has first class infrastructure is a
crucial part of our long term economic plan: supporting business, creating jobs
and providing a better future for hardworking people.
As
a crucial part of our long-term economic
plan, this government is backing business with better infrastructure so
that more jobs and opportunities are created for hardworking people, meaning
more financial security and peace of mind for families.
Chancellor of the Exchequer George Osborne
said:
As
part of our long term economic plan we are investing in infrastructure around
the country to create a more balanced, resilient economy.
Because of the tough decisions we have taken in day to
day spending, we can prioritise public investment where it is most needed and
create the right conditions for private investment in infrastructure where it
brings value for the taxpayer.
So
this year over 200 new projects worth an estimated £36 billion are due to
start, creating thousands of jobs, securing future growth and delivering the
world class infrastructure Britain deserves.
Throughout this parliament, the government has
consistently made tough decisions on day to day spending that have enabled the
prioritisation of vital capital investment. In June 2013 the government built
on this approach by setting out a further commitment to invest in over
£100 billion of capital in specific projects in the next parliament,
including providing long-term funding settlements in key infrastructure
sectors.
The
government has also taken radical action to unlock and stimulate private sector
investment, which is expected to make up the majority of UK infrastructure
investment between now and the end of the decade. This has included setting out
a plan to generate a wave of new investment in our energy infrastructure
through the biggest change to the electricity market since privatisation, and
the provision of up to £40 billion of support for critical infrastructure
projects through the UK Guarantees Scheme.