Infrastructure (Financial Assistance) Bill

Nic Dakin Excerpts

Monday 15th October 2012 Commons Chamber

[Sajid Javid]

That is a good point. There will be no limit on the length of the guarantees that the Government can issue to support the schemes because, as the hon. Gentleman rightly points out, many infrastructure projects typically require very long-dated debt which could involve a period of 20 to 30 years. There is a limit on the application time frame whereby all applications under the Bill have to come in by 31 December 2014, but there is no limit on the debt profile that can be guaranteed.

[Nic Dakin (Scunthorpe) (Lab)]

The Minister has clearly scoped this issue thoroughly. How many projects does he expect to have come forward by the date that he mentioned and what is their value likely to be?

[Sajid Javid]

I think that the hon. Gentleman will know that there is no way I can tell him that. I cannot predict the future; he may be able to do so, but I am not. I can tell him that there have already been expressions of interest from more than 50 project sponsors and that the Government have entered into negotiations with a number of them, but no final decisions have yet been made. He will also know that, in the national infrastructure plan published last year, the Government identified numerous key projects worth more than £200 billion, so there could be a substantial number of projects.