In a newspaper interview, Chancellor George Osborne wrote: “In terms of future productivity, this infrastructure deficit is as serious as our budget deficit. In terms of job creation today, getting construction projects off the ground is critical.”
“Too often projects get hobbled by planning restrictions, funding blockages or regulatory burdens. So this autumn the government is on an all-out mission to unblock the system and get projects under way.”
With plans to create 35,000 jobs in the initiative, more than 100 projects should attract further investment from private enterprise to the tune of around £6bn.
The funds raised will be focused on small companies and those in the manufacturing supply chain and will benefit every sector from telecommunications and services to electronics and automotive.
There are also plans to build two new power plants in Ferrybridge and Thorpe Marsh in Yorkshire, which will create 1,000 new constructions jobs and news has been announced that BT will complete its roll-out of superfast broadband by 2014, thus generating work for 500 more engineers.
As well as creating them, the scheme will help to safeguard more then 200,000 jobs with more infrastructure announcements expected over the coming months.
Prime Minister David Cameron has said that the eurozone crisis was having a “chilling effect” on global growth and warned that there were “no short-cuts to success.”
"The eurozone crisis has had a chilling effect on major economies around the world, and has added to the unprecedented pressures facing the global economy," he said.
"But, in spite of the difficulties, I am confident that we can both resolve the crises at hand and come through them with an economy that is stronger and fundamentally fairer."
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