Britain announces £30-bn infrastructure spending boost

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Britain will spend £30 billion ($47 billion, 35 billion euros) on major infrastructure projects over the next 10 years to stimulate economic growth, finance minister George Osborne said on Tuesday.

Chancellor of the Exchequer Osborne revealed the news in his autumn statement before parliament, adding that the Treasury had negotiated £20 billion of the money from two groups of pension funds.

"For the first time we are identifying over 500 infrastructure projects we want to see built over the next decade and beyond," Osborne said as Britain sharply downgraded its growth outlook for next year.

"Roads, railways, airport capacity, power stations, waste facilities, braodband networks (will be built), and we're mobilising the finance needed to deliver them too," he added.

© 2011 AFP

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