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Private sector called on to invest in most large projects

Working out - National infrastructure delivery plan - SantanderCB

Lord O'Neill, commercial secretary to the Treasury, has launched a National Infrastructure Delivery Plan that is hoped will see the private sector fund more than half of £483bn to be spent on infrastructure improvements planned by 2021. The initiative includes social infrastructure such as housing for the first time. Lord O'Neill said a report outlining possibilities for investors would be published this year. Noble Francis, economics director of the Construction Products Association, welcomed the announcement as providing clarity on a timetable for projects, but he warned that a private sector being asked to stump up the bulk of the cash would demand a rate of return that offsets the substantial risk involved. Private sector investment to be targeted will include local government pension schemes, which have £190bn of assets in total. The government said it had also received initial proposals to establish a few British Wealth Funds across the country.

 

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