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"We're making this country a scientific superpower with almost £50Bn of funding for research and development and we're publishing today a comprehensive new national infrastructure strategy. To help finance our plans I can also announce we will establish a new UK infrastructure bank, headquartered in the North of England, the bank will work with the private sector to finance major new investment projects across the United Kingdom starting this Spring."
Continued...
"Today I'm announcing a new levelling up fund worth £4Bn any local area will be able to bid directly to fund local projects. The fund will be managed jointly between the treasury and the department of transport "(amongst others he goes on to list).
"They must be delivered by this parliament, must be supported locally and by the local MP."
Well, it's a good job that Velocys's Altalto plant has cross parliamentary support and recieved unanimous backing for its planning permission earlier this year. Hold for gold here all, it's coming!
Let's provide the full quote shall we:
"Mr Sunak’s surprise announcement was a £4bn "levelling up" fund to improve infrastructure and physical environment in England’s cities and towns.
The chancellor told MPs it will fund “what people want and places need”, adding that “the most powerful barometer of economic success is the change people see and the pride they feel in the places they call home”.
This fund will support “high value local projects” up to £20m that come with the backing of local MPs and must be delivered in this parliament. Full details of the levelling up fund, which will “drive growth and regeneration”, will be published in the new year."
So this fund may provide up to 20M. A far cry from the amount we need, but every little will help. I think the more key part of the announcement is this:
" The chancellor also confirmed plans for a National Infrastructure Bank to channel £600bn into capital projects over the next five years, half of which is to be privately financed.
Details of the new lender will be revealed in the spring but it will have a remit to help deliver the UK’s commitment to reach net zero carbon dioxide emissions by 2050 and provide funding for projects across the UK. It will co-invest alongside private investors through a mix of loans and guarantees as well as taking equity stakes in projects."
We are far more likely to be fully funded via this route. This seems quite promising, but it will be interesting to see how much equity the lender will plan to take in return.
The leveling up denouncement is for improvements to towns, cities and villages and their respective vista and functional development. The intent is for people to be happy where they live.
Quote"
This is about funding the infrastructure of everyday life,” said the chancellor. “A new bypass, upgraded railway stations, less traffic, more libraries, museums and galleries, better High Streets and town centres. This government is funding the things people want and places need.” Unquote.
Its not for building unproven jet fuel plants!!!! Its ridiculous to even think that this initiative could be directed to such projects. A real sesne of desperation here from the rampers.
The NIB might have legs but this is a bank and not a charity. It'll still have lending conditions that need to be met.
The Northern Investment bank will have 50Bn worth of capitol for green infrastructure projects, the government have already openly live on national television backed Velocys & Rishi Sunak wants the UK to become a world leader in green finance. Join the dots! lol
Still waiting for you to give this board a truthful explanation as to why you post negativity here all the time? Am I detecting a real sense of desperation from our deramper now??
XPB: "The leveling up denouncement is for improvements to towns, cities and villages and their respective vista and functional development. The intent is for people to be happy where they live. ". I assume that your meant announcement, and made a freudian slip, as denouncement better reflects the vast majority of your posts. As usual you have only quoted that part of the Chancellor's statement that supports your argument.
yes thurg, a typo.
I think the excerpt i have chosen in this instance firmly supports my argument in its entirety! Happy to be shown evidence from Dishys recent pitch on the topic of .leveling up. that would support a VLS project.
Meanwhile, despite an apparent glowing outlook for VLS based on the Rishi speech, the sp has moved down. Maybe we'll need to wait for another McNulty tweet as the words from the Chancellor of the Exchequer do not seem to affect the sp.
Sums a lot of things up nicely!