Guarantees bill passed
1 November 2012
The government’s Infrastructure (Financial Assistance) Bill has received Royal Assent, formally establishing the UK Guarantees initiative.
The bill passed through Parliament in just 55 days as ministers looked to fast-track the legislation in order to ensure the guarantees would be ready to be deployed as quickly as possible.“Securing Royal Assent just three months after the launch of the UK Guarantee scheme shows that we are getting on with delivering the vital infrastructure that the country needs to boost growth,” said Chief Secretary to the Treasury, Danny Alexander.
However, MPs have criticised the speed with which the bill has been driven through Parliament, arguing that more time for debate should have been allowed for legislation sanctioning the use of £50bn of public money.
Last month, Infrastructure UK’s head of infrastructure finance Doug Segars told delegates at a Partnerships Bulletin event that the first projects to be signed using the guarantees scheme could be signed as early as this year.
Answering a question on how quickly the initiative can respond, Segars said: “We are looking at some projects with a timetable to close this year and we can work to those timetables.”
