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Govt unveils new national infrastructure plan

Govt unveils new national infrastructure plan
The government is welcoming investment from six insurers as part of a new infrastructure spending plan.

Danny Alexander, the chief secretary to the Treasury, unveiled The National Infrastructure Plan (NIP) which sees a number of major changes in terms of ownership of services across the UK. Mr Alexander stated that one of the main headlines was the government selling its 40 per cent stake in the Eurostar rail network. The money will be used to fund a series of other construction projects across the country.

Six of Britain's biggest insurance companies will be investing a combined total of £25 billion into infrastructure. These organisations include L&G, Prudential, Aviva, Standard Life, Friends Life and Scottish Widows and the money will be involved in helping to fund operations caused by changes in European rules which incentivise backing in a wider range of assets.

Mr Alexander told the BBC: "The most important thing we've done as a government is create an environment in which people want to come in and invest in British infrastructure. There are projects going on in every part of the country."

The projects cited in the NIP include a £50 million redevelopment of Gatwick Airport's railway station and confirming a UK guarantee that £1 billion has been secured for extended the Northern Line to Battersea in London. There will be funding made available for improvements to the A50 around Uttoxeter, Staffordshire, and that work will start no later than 2015/16 while the NIP will also ensure improvements to the A14 around the port of Felixstowe.

Transport has been on the government's agenda for some time with the proposed HS2 rail network edging ever closer. There is also the creation of the Crossrail train route which aims to improve journey times across London and there is the future of Heathrow Airport that has also been a hot topic for debate.

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Date: 04/12/2013 15:38:00

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