Lord Wigley
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Finance: Loan Guarantee Scheme
Lord Wigley Excerpts(12 years, 4 months ago)
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Lord Sassoon
My Lords, I am very happy to correct the noble Lord, Lord Barnett. Some £40 billion of projects in the national infrastructure plan that are due to start construction before 2015 could well be eligible for guarantees under the scheme. We are inviting applications for guarantees now and, subject to legislation, we hope to have the first guarantees granted this autumn, so this is absolutely not something that waits till 2014. It is because of the strength of the national balance sheet and the fiscal retrenchment that we are able to come forward with a £40 billion scheme that starts this autumn.
Lord Wigley
My Lords, will the Minister confirm that this scheme will extend to Wales, Scotland and Northern Ireland? That being so, will he confirm that there were discussions with the three Administrations before the announcement was made?
Lord Sassoon
I can confirm that the scheme will extend to the devolved Administrations.