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Osborne to boost British Economy

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Osborne to boost British Economy

Post  Panda on Thu 27 Jun - 7:45

Hundreds Of Billions To Boost British EconomyAfter the cuts comes major investment as plans to pour cash into roads, railways, construction and energy are unveiled.7:21am UK, Thursday 27 June 2013 Video: Infrastructure Spending Too Late?
Enlarge George Osborne outlining his latest cuts
EmailBy Poppy Trowbridge, Business and Economics Correspondent

A £100bn package aimed at kick-starting economic growth will be unveiled later, with roads, railways, construction and energy all set for major cash boosts.

The Government will promise to pour money into extra infrastructure spending by 2020, just 24 hours after confirming details of £11.5bn in Whitehall cuts.

Chief Secretary to the Treasury Danny Alexander will outline the capital spending, which will include cash for new roads, train services, science facilities and nuclear power-stations.

Tax breaks and fast-tracked permits for shale gas exploration will also be offered, just as new data suggests British reserves of the energy source are much higher than previously thought.

The investment is due to begin as soon as 2015 with £50bn spent on capital projects that year but critics have questioned when construction will actually begin.

Mr Osborne said railways would receive infrastructure investment

Shadow chancellor Ed Balls said: "There is no point in boasting about infrastructure investment in five or seven years’ time, we need action now."

He claimed that infrastructure investment in the first three months of 2013 is down by 50%.

Appearing on ITV's Daybreak, he added: "They should do an immediate boost for housing and transport this year and next. George Osborne talks about capital spending but he's not actually acting.

About £3bn of the money is earmarked for affordable housing. Mayor of London Boris Johnson will also receive around £9bn in extra finance over the coming years.

In his spending review on Wednesday, Chancellor George Osborne said: "From roads to railways, bridges to broadband, science to schools: it will amount to over £300bn pounds of capital spending guaranteed to the end of this decade."

About £3bn will be spent on affordable housing projects

Nick Prior, head of government and infrastructure at Deloitte, told Sky News the high numbers being announced were "encouraging" but questioned the detail.

"If it is more than rhetoric, it could be quite powerful, it could really be a driver for the UK economy," he said.

"We wait to see if that’s going to be incremental investment in infrastructure and real capital spend. Or is it just going to be a rehash of previous statements?"

Since the financial collapse, years of cuts and austerity have been exacerbated by the lack of economic growth.
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