The British government published a plan for future infrastructure investment, which presents details on projects worth 500 billion GBP (634 billion USD), which is scheduled to be implemented in the coming years. The public investment will finance around 40% of future projects, as during the last month Finance Minister Philip Hammond announced plans to create the National Productivity Investment Fund worth 23 billion GBP.
The projects include the tunnel Thames Thames Tideway Tunnel, installation of smart meters and repair of highway in eastern England.
“This is clear evidence of our absolute commitment to ensure that our infrastructure is ready for the future”, said the Chief Secretary to the Treasury David Gauke. “This stands in the center of our ambitious plans to narrow the productivity gap and build a fair economy for all”, added he.
The private investment contributed to about half of future projects, which are ranging from transport and broadband Internet to flood protection and housing, says the Ministry of Finance.
Improving the productivity through targeted investment is the main goal outlined by Hammond in his autumn statement on 23 November in an attempt to prepare the British economy for future shocks Brexit. The UK Treasury announced an increase in loans to finance spending.
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