Insurers invest £25bn in construction projects
HM Treasury has announced the government's updated Infrastructure Plan has received a considerable boost from six insurers, with the firms committing to invest £25 billion into large-scale developments across the UK over the next five years.The funding comes as part of major efforts to improve national infrastructure between now and 2030, the government will invest the money in a range of essential improvements that it feels will deliver the greatest benefits to the nation and help the UK strive for a sustained and increasing level of growth in the years ahead.Since 2010, Westminster officials have been funnelling investment into delivering infrastructure projects across the country, with 99 per cent of schemes launched in recent years currently on track for completion within their allotted timeframes.This latest raft of funding will go to furthering these ends, with measures being addressed over the coming years including the provision of a nationwide superfast broadband network, the construction of London's Crossrail scheme, the impending development of the largest onshore wind farm in England and Wales, as well as construction of the HS2 high-speed rail network to provide swifter journeys between the north and south of England.In addition, the funds - which are added to the government's own £375 billion investment in infrastructure - will see works carried out on improved flood defences for communities, waste water treatment developments and investment in energy and communications projects.Responding to the announcement, chief secretary to the Treasury Danny Alexander commented: "It will boost the UK economy, creating jobs and making it easier to do business. It will also make the UK a better place to live for everyone who calls it their home."He added the news will help the government to address a serious underspend on national infrastructure over recent decades and help the UK "compete in the global race".Otto Thoresen, director general of the Association of British Insurers, concluded: "Providing capital for infrastructure projects will help drive a competitive, healthy and resilient UK economy."
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