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The government has announced plans to underwrite £40 billion of investment in British infrastructure, in a bid to improve the flagging economy.
The UK Guarantees scheme will be used to release funding for large-scale public works projects that have been suspended due to a lack of funds, according to chancellor George Osborne.
A further £10 billion has been earmarked for exporters.
It is expected that transport, energy and education projects will apply for the money, with one of the criteria that work can begin within 12 months.
The funding comes at just the right time for Britain's struggling economy, with the International Monetary Fund this week cutting its growth forecast to just 0.2 per cent for this year.
Chancellor George Osborne said: "The credibility the government has earned through tackling the deficit is already helping millions of British families and businesses through keeping down the cost of borrowing.
"Now 'UK Guarantees' will use that hard-won fiscal credibility to provide public guarantees of up to £50 billion of private investment infrastructure and exports."
Author: Editor Gavin Pearson (gpearson@acenet.co.uk or 0207 202 0255)
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