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Osborne confirms 'new PFI' and £10bn of project guarantees

George Osborne has confirmed a replacement to the “discredited PFI” model to ensure the public sector “also share in the rewards”.

The chancellor made the announcement, reported by CN yesterday, while also revealing that £10 billion of projects have prequalified for government to underwrite schemes using its UK Guarantees initiative.

Mr Osborne also confirmed that the £40bn scheme will be doubled.

The chancellor also confirmed an £1bn loan guarantee for the extension of the Northern Line.

It came alongside funding for four roads schemes, including the A1 ,A5, M25 & A30.

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