George Osborne has hailed the Government for its hard work in gaining its fiscal credibility and announced today that the It will be able to underwrite £50bn of investment in infrastructure in the UK.
HM Treasury says it will, "dramatically accelerate major infrastructure investment and provide major support to UK exporters". Some of the sectors that are set to benefit include oil and gas extraction, transport, aerospace, telecommunications infrastructure and hospital construction.
Mr Osborne said the credibility the Government has earned through tackling the deficit is keeping the cost of borrowing down for families and business.
"...'UK Guarantees' will use that hard won fiscal credibility to provide public guarantees of up to £50bn of private investment in infrastructure and exports. Britain's credibility has been hard won and involved difficult decisions, so I want to make sure its benefits are passed on to the whole economy", said Chancellor Osborne.
The Treasury also says that applications open today for UK Guarantees so that critical infrastructure projects that may have stalled because of credit conditions can get started as soon as possible.
For more information from HM Treasury about 'UK Gurantees' visit this link.
