George Osborne to underwrite £50bn for private sector building

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By Mark Fordham

The government has vowed to underwrite up to £50 billion of private sector building projects that are in need of finance, in an effort to boost growth.

If certain conditions are met, it will also legislate to speed up planning decisions and encourage development of Green Belt land, which are urban areas that are permanently open.

The chancellor George Osborne has also revealed that a third runway at Heathrow could be a possibility in the future.

In order to qualify for The Infrastructure (Financial Assistance) Bill, projects must be “nationally significant”, ready to begin construction in 12 months, financially viable and “good value”. This builds on a scheme launched in July by the government.

Osborne told BBC One’s Andrew Marr Show that these are difficult times for the world but the economy is “healing”.

“I think we can speed up planning. This country, in the current economic environment, cannot afford to wait years for development,” he continued.

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