Liberal Democrat Chief Secretary to the Treasury Danny Alexander today announced that energy, road and rail projects worth £33bn have made it past the first hurdle in their bids to secure a government guarantee for infrastructure.
These projects have passed the first stage in proving that they are eligible for the guarantees and are now at a stage called prequalification.
More than half of those that have prequalified are energy projects, which will help ensure that Britain develops a sustainable future energy supply.
The prequalified projects are now subject to further discussions and assessment, which could result in receiving Government backing to act as a guarantor.
Commenting, Danny Alexander said:
“Getting our infrastructure right means we can be globally competitive, boost growth and create jobs across the UK. What we see today is the extent to which the Government is reaching out to help the private sector build Britain’s key infrastructure.
“Having passed the first hurdle these companies know the government is there to help if they need it. I hope today’s announcement will encourage even more businesses to consider how they can take advantage of a guarantee.”
The scheme is authorised to issue up to £40bn of guarantees in total and is open to major infrastructure in sectors including energy, transport, communications and housing.