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More clarity needed over guarantees - ACE

The infrastructure industry has welcomed the announcement that £10 billion of the government’s £40 billion of guarantees has been allocated to specific new infrastructure projects across the country.

The infrastructure industry has welcomed the announcement that £10bn of the government’s £40bn of guarantees has been allocated to specific new infrastructure projects across the country.

But the Association for Consultancy and Engineering has warned that investors need greater clarity on how the guarantees work before they support for the infrastructure projects.

Nelson Ogunshakin OBE, chief executive of ACE, said: “The government has rightly recognised that it is uniquely placed to cover risk as it looks to get infrastructure projects underway and drive growth through the economy.

“The project guarantees announced demonstrate the potential for generating a real economic impact. However, industry needs clarity if it is to feel confident in securing both the guarantees and the private investment needed to get projects off the ground, and government must work hard to make the use of guarantees more transparent.”

He said the announcement is good news for the economy and there are a further £30billion of guarantees still available to spur the infrastructure investment and drive UK growth.

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