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£375bn infrastructure spending plan unveiled
The National Infrastructure Plan (NIP) includes the government selling off its 40% stake in the Eurostar rail service.
In all, about £375bn of investment in energy, transport, communications, and water projects is planned.
The insurance industry, which has not traditionally been a big infrastructure investor, is also unveiling plans to invest £25bn over the next five years.
The NIP follows previous infrastructure spending programmes, which have been criticised for slow progress.
- a further £50m for a redevelopment of the railway station at Gatwick Airport
- a government guarantee to support finance for the development of a new nuclear power station at Wylfa, north Wales
- confirmation that a UK guarantee has now been agreed for the £1bn Northern Line extension to Battersea in London
- funding for improvements to the A50 around Uttoxeter, in Staffordshire, to start no later than 2015-16
- the target for the sale of corporate and financial assets will be doubled from £10bn to £20bn between 2014 and 2020, including the government's shareholding in Eurostar.
Simultaneously to the NIP announcement, the insurance industry is unveiling that it will invest £25bn in infrastructure projects.
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