Insurers commit £25 billion to getting UK construction projects underway
Six insurance firms have pledged £25 billion to an infrastructure development that will help support a number of key construction projects across the UK.
The brokers made their pledge after holding successful negotiations with Lord Deighton, commercial secretary to the Treasury Funds, and the Association of British Insurers.
Funds from Prudential, Aviva, Legal & General, Standard Life, Friends Life and Scottish Widows will be used alongside money from the taxpayer as well as revenue generated from a sale of government assets.
Telegraph.co.uk says that ministers are considering the sale of Britain’s 40 per cent stake in Eurostar to boost GDP, with more deals thought to be in the pipeline. Deputy finance minister Danny Alexander told uk.reuters.com the news represents…
“a massive vote of confidence in the UK economy”.
New National Infrastructure Plan
All of the funds will be poured into the government’s new National Infrastructure Plan, which is the title given to the collection of nearly £375 billion worth of public and private projects for Britain’s economic development.
Tasked with the responsibility of setting the UK up for 2030 and beyond, the projects include £50 million worth of improvements for Gatwick Airport’s train station and the creation of a new court for dealing with infrastructure-related disagreements.
Author: Richard Towey Date Written: 09 January 2014