Insurers to Invest In British Infrastructure
By Anne Lewis-Schneider
Insurance Companies have pledged to invest in the British infrastructure as announced by the National Infrastructure Plan starting from 2014 and running for five years with each year seeing an investment of £5 billion in various areas of infrastructure such as energy, hospitals, housing and even transport. One of the six investors is Legal and General and the chief executive has made known that housing is definitely on the agenda. Nigel Wilson said that in spite of housing not being on their policy papers, they still feel that it is important to invest in its infrastructural development.
Legal and General have been looking at 20 projects and have chosen 13 that they already believe have great potential, and Nigel Wilson also said that after doing research his company felt that housing had merit especially in the special-purpose housing sector and that the company were encouraged by government planning for the future.
The National Infrastructure Plan (NIP) does not make provision for housing and Treasury chief secretary Danny Alexander has said that government had drawn the line with regard to what to exclude, but he did however make a point of saying that housing is a very important factor to the UK government. Investment in infrastructure is vital to the development of new resources and the upgrading of existing ones and other realms of possible investment include the energy sector as well as hospitals and a possibility of transport infrastructure benefitting as well.
Crispin Williams, of ACE has welcomed the NIP update but has reserved judgement pending the short to medium term results on the delivery of these projects. He has mentioned the Wylfa nuclear plant as a possible starting point but has said in effect that the proof of this particular pudding will be in the eating. Diana Montgomery of Construction Products Association has also expressed her joy at the news that government has secured private investment from the insurance sector.
Head Office: EATON HOUSE, STATION ROAD, LEEDS, LS20 8XB Company Registration: 4704157 Vat Registration: 817013852