Finance: Loan Guarantee Scheme

Lord Davies of Oldham Excerpts

Tuesday 24th July 2012 Lords Chamber

[Lord Sassoon]

My Lords, we have come forward with a very positive financing package to help our infrastructure providers and our exporters. I believe that that will be welcomed very widely, as it has been, by business organisations. I hope that it will be welcomed by the devolved Administrations; as I have said, it extends to them.

[Lord Davies of Oldham]

My Lords, of course we welcome this scheme but, as my noble friend Lord Barnett indicated, this is in the context of the UK being in a double-dip or, as he suggested, triple-dip recession. We certainly are the only country in the G20 apart from Italy that is in recession. This modest scheme is welcome. Will the Minister explain, therefore, why the Government axed the similar scheme to support public/private partnerships put forward by the Labour Administration in 2009?

[Lord Sassoon]

My Lords, again, I am happy to put the record straight. The noble Lord, Lord Davies of Oldham, may not have noticed that this package includes £6 billion worth of facility available to public/private partnership projects that are ready to start in the next 12 months.