The UK Government’s funding for £40billion worth of projects in the country’s infrastructure and exports could help boost the energy sector.
Chancellor George Osborne unveiled the plans today and said the funding will be used to help projects which may have been put on hold due to difficulties in raising money from private investors.
The Government will charge for helping secure finance for the projects, which could be in a range of sectors such as energy, transport, communications and education. Those wanting the investment will have to meet criteria which includes being able to start work within 12 months as well as provide good value for taxpayers.
Danny Alexander, the Chief Secretary to the Treasury said: “The measures we’re announcing today will help work get started on many important infrastructure projects and help our major exporters, providing lasting benefits for thousands of people and a significant boost to the economy.”
Under the Government’s National Infrastructure Plan 2011, the projects identified in the energy sector includes electricity generation through gas, wind and nuclear, which are all eligible to apply for the investment.
The first guarantees for the projects are expected to be made in the autumn.