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The government has unveiled plans to invest £30 billion in over 500 infrastructure projects across the UK.
In his Autumn Statement, chancellor George Osborne revealed that the government will provide a third of the funds over the current and subsequent Spending Review periods. Two groups of pension funds will provide the remaining £20 billion.
This memorandum of understanding between the government and the pension funds will see a new approach to the financing of future infrastructure projects, which will be funded by an 'investment platform'.
Network Rail will also invest £1 billion under The National Infrastructure Plan, with that money guaranteed by the government.
Mr Osborne said: "This all amounts to a huge commitment to overhauling the infrastructure of our nation. We will match it by overhauling the digital infrastructure too."
Some of the main projects outlined in the scheme include investing over £1 billion to improve the national road network and spending more than £1.4 billion in railway infrastructure and commuter links.
Furthermore, broadband infrastructure will also get an overhaul with £100 million pledged to boost internet speeds in ten 'super connected cities'.
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