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Government to include Green Deal in guarantee scheme

The Green Deal will be an early candidate for the UK infrastructure guarantees scheme, it has been announced.

The guarantee scheme, announced last month, is intended to support up to £40bn of investment in stalled projects, using the government’s balance sheet.

Chief secretary to the Treasury Danny Alexander today announced that the Green Deal is likely to be included in the measures.

He said: “Our early action to get a grip of the public finances is allowing us to support up to £40bn worth of UK infrastructure investment by putting our hard-won fiscal credibility behind major projects.

“I am pleased to announce that the Green Deal will be an early candidate for the use of these guarantees.”

Part of the guarantee scheme, which was intended to underwrite the risk of major infrastructure projects, is now likely to be used to boost the government’s flagship environmental programme.

The Green Deal, set to come into operation later this year, will offer households the opportunity to install energy-saving technology at no up-front cost, paying off the installation through future energy bills.

Mr. Alexander added: “The Green Deal is the largest ever programme for investing in the energy efficiency of our housing stock and we are looking at whether and how a guarantee could help ensure that the finances are in place to get the programme off to a very strong start.

“The deals my colleagues are announcing show that the UK is already in a strong position and the work we are doing on infrastructure will strengthen this further still.”

The announcement was made at the UK Trade and Investment infrastructure summit being held at Lancaster House.

Business leaders in attendance will debate emerging trends, examine best practice and identify opportunities in construction, water, airports and rail.

Eighteen such summits will take place during the course of the Summer Games, in what has been dubbed the “Business Olympics”.

Today’s sessions will focus on large-scale urban regeneration, sustainability, and high-value opportunities in growth markets.

 

 

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