60 projects pitching for UK Guarantee as Act passed

Aaron Morby 11 years ago
Share

The Infrastructure Bill enabling the Government to guarantee up to £40bn of infrastructure work and £10bn of new homes has gained Royal Assent.

Since the launch of the scheme in July, over 60 projects have now come forward for talks with the Treasury about obtaining a UK Guarantee.

But just one scheme, a £1bn order for Crossrail rolling stock, has so far been underwritten by chief secretary to the Treasury Danny Alexander ahead of the Act coming into being.

Thames Water’s £3.6bn Thames Tideway sewer project is among the projects seeking backing.

The Bill passed through Parliament in just 55 days and now the Government can use its fiscal credibility to provide guarantees for major infrastructure projects that may struggle to raise finance.

Alexander said: “Securing Royal Assent just three months after the launch of the UK Guarantee scheme shows that we are getting on with delivering the vital infrastructure that the country needs to boost growth.

“Since July we’ve had significant interest from industry, and passed the legislation to make the scheme a reality.

“We can now get on with the search for eligible projects, and I hope today’s progress will encourage project sponsors to come forward to see how they can take advantage of the strength of the UK’s balance sheet by taking up a guarantee.”

The offer of guarantees will be awarded on a case by case basis and will be subject to due diligence and Parliamentary approval processes, and a commercial fee will be charged for any guarantee.

Latest news

London £3bn housing framework out to tender

SMEs allocated slots on London Construction Programme housing framework refresh
3 hours ago

BAM wins first major RAAC school rebuild

Contractor seals £46m deal for St Leonards school in Durham
3 hours ago

Failed strip out specialist owes £1.5m to supply chain

More than 100 subcontractors and suppliers left with unpaid bills by Type Ten Limited
4 hours ago

Councils to turn screw on building owners over fire safety upgrades

Government tells councils to step up legal action against rogue building owners
4 hours ago

Green light for £300m Fenland energy from waste scheme

Wisbech incinerator will generate 50MW from half a million tonnes of waste
17 hours ago

Multiplex starts on 50-storey Thames tower

Developer green lights construction of latest phase of £3bn Bankside Yards scheme
23 hours ago

McLaren lodges fresh Reading Broad Street Mall plan

Town centre scheme will deliver 600 homes in four towers
1 day ago

Beard bags £24.5m Bristol office revamp

Construction to start in April
3 hours ago

SMEs star in £3.2bn social housing upkeep deal

Around 85% of Efficiency North's framework winners are local firms
1 day ago

Scottish NHS new building projects delayed for two years

Spending clampdown hits over a dozen planned projects
1 day ago

Balfour M25 workers hold strike ballot

Motorway maintenance crews unhappy with 3.4% pay rise offer
1 day ago

Rainsford Contracts acquires M&E specialist

Expanded contractor will have turnover of £45m
1 day ago

Statom expands with launch of Northern HQ

RC frames specialist now targeting jobs in Scotland and north of England
2 days ago

High Court dismisses Stonehenge tunnel challenge

Judge quashes legal challenge against Government consent for £1.7bn job
2 days ago

£1.5bn Teesside carbon capture scheme consented

Final investment decision expected this year for construction start
2 days ago

First viaduct steel section installed at HS2’s complex junction job

Victor Buyck Steel Construction install first 300t viaduct section
2 days ago

Sister scaffold firms file administration notices

BCM Scaffolding Services and Scaffteq West employ 100 people between them
2 days ago

McLaughlin & Harvey suffers £8.6m loss

Cost inflation and Scottish landfill tax legislation hit Antrim-based group
2 days ago

Regulator opens probe into National Highways delivery

ORR concerned about 'dip in performance' on capital projects
2 days ago

Sir Robert McAlpine chief Paul Hamer exits

Hamer replaced as CEO by former Lendlease Europe boss Neil Martin
5 days ago

Unite Students to build £250m Newcastle scheme

Work to start this summer on revamp of Castle Leazes site
2 days ago

Britcon poaches Tilbury Douglas business development chief

Don Stewart joins Britcon board as strategic director
2 days ago

Building control system on verge of collapse

Calls to delay new registration scheme
5 days ago

Go-ahead for UK’s largest mass timber structure neighbourhood

Visionary 685-home sustainable village will be built in Lewes, East Sussex
5 days ago

£90m Manchester zig-zag library approved

Work to start this summer on iconic city centre building
5 days ago

Mace clear to start £34m weather-watching HQ job

Planning granted for European Centre for Medium-Range Weather Forecasts
5 days ago

Ford Dagenham site revamp to hit nearly 4,000 homes

Latest phases approved for £1bn Beam Park redevelopment
5 days ago

Sisk names new data centres regional director

John Hennessey appointed to lead expansion
6 days ago

Balfour starts £171m Sussex Uni student DBFO job

West Slope Residences will provide 1,900 bedrooms
6 days ago

Director and site manager sentenced after labourer crushed

Worker killed during demolition on renovation scheme
6 days ago

Contractor services