There is “no guarantee” the UK Government’s investment plans for projects will go ahead in the next year, according to a Shadow Minister.
The comment was made after Chancellor George Osborne announced an investment worth £40billion today, which is expected to help projects in a range of sectors including energy.
He said the plans would boost the country’s economy and help projects which may have been put on hold due to difficulties in raising money.
Rachel Reeves MP, Labour’s Shadow Chief Secretary to the Treasury welcomed the Government’s plans to help the economy but said the proposals don’t go far enough.
She said: “There is no guarantee that government-backed loans will see any infrastructure projects going ahead in the next year which wouldn’t have happened anyway.
“As for loans to support public private partnership (PPP) infrastructure projects, this is yet another u-turn as George Osborne axed this Labour Government scheme two years ago.”
One of the criteria which needs to be met is those seeking investment will need to be able to start work within the next year.