|
Leading construction industry business association, the Association
for Consultancy and Engineering (ACE), has welcomed reports that chancellor
Alistair Darling is to announce the introduction of a new infrastructure bank on
3 March 2009.
The initiative, tipped to be headed by Partnerships UK
director Andy Rose, has been designed to rejuvenate the construction sector and
it is hoped that the new bank will enable a queue of major infrastructure and
building projects to proceed with the financial backing required to see them
through to completion.
ACE chief executive Nelson Ogunshakin said today:
“If these reports are true then we welcome what would be an excellent and
well-crafted move which should help to increase momentum in the consultancy and
engineering sector and wider construction industry by bringing forward a number
of much-needed infrastructure projects. Commenting on the make up of the bank,
Ogunshakin said: “We would expect that any such national infrastructure bank
should include experienced construction professionals as well as bankers to run
it effectively.”
Ogunshakin
continued: “We also urge the government to take all the necessary steps to
ensure that the lending process is effective and that priority is given to
projects already planned so that the industry can get to work on them as soon as
possible.”
The M25 widening programme and the £3.3bn Manchester private
finance initiative (PFI) waste programme are two schemes near the top of the
government’s agenda which could be in line to benefit from the formation of the
infrastructure bank, which will be capitalised with several billion pounds from
inception. It is widely documented that infrastructure deals have suffered heavy
effects from the credit crunch and the demise of Britain’s banks. Lack of
lending has had a knock-on effect, despite infrastructure being usually regarded
as a low-risk sector.
Ogunshakin said: “Being constantly in touch with
firms of all sizes in this crucial sector for the UK economy, ACE will be happy
to work with the new infrastructure bank to ensure that any money made available
is spent in the right areas. We feel very strongly that better communication and
collaboration between the construction industry and the banks can help our
sector to keep moving in the current difficult economic situation and give these
projects a meaningful boost.”
-ENDS-
Further information and photos can be obtained from ACE communications and public affairs director Andy Walker on 020 7227 1889, 07947 558654 (mobile) or email awalker@acenet.co.uk.
|