£50 Billion Boost To The UK Economy

18 July 2012 15:00 - Phoebe Robinson

    



£50 Billion Boost To The UK Economy

The Treasury has put £50 billion into the UK economy in order to boost infrastructure and exports according George Osborn the UK’s Chancellor. The scheme will entail the government underwriting a major private sector construction project and the chancellor has allocated £40 billion to support this. It is being said that the scheme will be put into action as early as September and the projects could involve energy, broadband, flood defence constructions and many more.

As well as this the government has also offered direct loans of up to £6 billion and a further £5 billion for export guarantees. The Coalition government is pointing out that these moves does not mean the government is going to deviate from their austerity policy as the debt will not be recorded in the public figures.

“This is not a direct call on the taxpayer. That would only happen if something went wrong with a project,” the Chief Secretary to the Treasury.

It seems these measures come as a result of the IMF cutting down the UK economy’s growth prospects significantly for 2012. According to the IMF the UK is only going to grow 0.2% this year which is down from 0.8% growth which was predicted only three months ago. Even though this boost to the economy from the UK treasury have been praised it has also been pointed out by critics that the measures don’t go far enough and that more short-term measures are in need.

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Related Links :
UK Treasury - Officical Site
IMF - Official

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