U.K. Chancellor of the Exchequer George Osborne has presented a £30 billion ($46 billion), 10-year program to help finance the construction of roads, railways and infrastructure projects.
Just one-third of the headline capital will come from the U.K. government, however. The plan is designed to attract £20 billion of investment from pension funds. Another £5 billion is slated to come from savings in other budgets by 2015, and an additional £5 billion will be made in savings available thereafter.
Future infrastructure projects are due to be funded by an “investment platform,” or a joint venture-style agreement between government and private funds.
The infrastructure program was announced as part of the Autumn Statement, one of the two major economic reports provided by the U.K. government each year. Osborne also announced the signing of a “memorandum of understandi