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27th January 2014
Author: Suzy Riding - Glenigan infrastructure expert
The civil engineering industry is going to be busy for the next 20 years according to the government, following the unveiling of its updated National Infrastructure Plan (NIP) at the end of last year.
The plan, billed by the coalition as a “blueprint for Britain”, outlined how more than £375 billion of public and private sector infrastructure money is expected to be spent over the next two decades - an increase on the £310 billion in the pipeline last year.
A total of 646 projects or programmes with a capital value of £50 million or more were outlined in the plan, 45% of which are already under construction.The funds are due to be ploughed into energy, transport, communications, and water projects and although there will be no new money coming from the public purse, it has created a focus for other investors such as the insurance industry, which says it will spend another £25 billion over the next five years.
Headline projects on Glenigan that have been impacted by NIP include:
Meanwhile, the government has agreed the terms of a UK Guarantees facility with the Greater London Authority to support up to £1 billion of borrowing for the construction of the London Underground Northern Line extension to Battersea Power Station (Glenigan Project ID: 09362099), subject to a satisfactory Transport and Works Act order.
Also agreed are the Hinkley C nuclear power plant in Somerset (Glenigan Project ID: 01611123) and the Mersey Gateway (Glenigan Project ID: 97251650).
The UK Guarantees scheme was announced in July 2012 and heralded as a way that the government could help prevent delays to investment in UK infrastructure projects by effectively underwriting an element of risk.
In April 2013, the Drax Group announced that private funding for the conversion of their coal-fired power station to biomass would be the first project to be underpinned by the scheme (Glengian Project ID: 09264899).
For more information about the infrastructure sector, contact Suzy Riding at Glenigan on 01202 786721.
What do you think of the latest updates made to the National Infrastructure Plan? With no new money being invested in the plan, is the government simply using it to revive existing projects? Let us know your thoughts on our social media channels via the icons at the top of the screen.
Kirsty Maclagan (Marketing and Communications Manager)
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