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New investment bank needed to fund Forth Crossing, says Scottish Building FederationThe Scottish Building Federation has warned that, without the creation of a new state-run national infrastructure bank, the planned construction of the £2 billion new Forth Crossing by 2016 could be at risk. The SBF is this week giving its backing to a campaign by the Institute of Civil Engineers for the UK Government to create a new National Infrastructure Investment Bank. Modelled on state-run investment banks such as the KfW Bank in Germany, the new institution could generate significant sums of private sector funding to help pay for major capital projects such as the new Forth Crossing.The Scottish Building Federation has warned that, without the creation of a new state-run national infrastructure bank, the planned construction of the £2 billion new Forth Crossing by 2016 could be at risk. The SBF is this week giving its backing to a campaign by the Institute of Civil Engineers for the UK Government to create a new National Infrastructure Investment Bank. Modelled on state-run investment banks such as the KfW Bank in Germany, the new institution could generate significant sums of private sector funding to help pay for major capital projects such as the new Forth Crossing. As Scotland’s public finances enter a prolonged period of tightening and with the Scottish Government keen to protect frontline public services from further budget cuts, finding the money to fund the £2 billion project will remain extremely challenging, the SBF has said. SBF Chief Executive Michael Levack has written to the Chancellor, urging him to take forward the ICE’s proposals when he presents the UK Budget later this month. He has also written to Scottish Finance Secretary John Swinney and Scottish Futures Trust Chief Executive Barry White, asking them to give their backing to the ICE’s proposals for the creation of a National Infrastructure Investment Bank. The letters underline the crucial role of sustained capital investment in delivering the Scottish Government’s objective of long-term sustainable growth of the Scottish economy. In his letter to John Swinney, Mr. Levack also argues that the Scottish Futures Trust “would be in a uniquely strong position to utilise a funding vehicle of this type to support a reinforced programme of investment in schools, hospitals and affordable housing throughout Scotland, whilst relieving pressure on the Scottish budget and freeing up additional resources to help sustain frontline public services”. The SBF campaign coincides with the conclusion later this week of a call for written evidence by a special Scottish Parliament committee set up to scrutinise the legislation required to set the framework for construction of the new Forth Crossing. Michael Levack commented: “We hear continued reports of central and local government in Scotland under mounting pressure to cut costs and scale back expenditure, whilst protecting frontline public services. “At the same time, longer term sustainable growth of Scotland’s economy depends on continued investment not only in major capital projects such as the new Forth Crossing – but also in schools, hospitals and housing. The fact is that 160,000 Scottish school pupils continue to be taught in poor or bad condition schools. In addition, to meet projected demand, new housing supply needs to increase by an additional 10,000 units per year between now and 2015 but actually fell by 18% last year. “Without a sustained and comprehensive programme of capital investment, we cannot possibly hope to set our economy on the right path towards sustainable recovery. Creation of a new National Infrastructure Investment Bank would be the perfect vehicle to achieve major improvements in Scotland’s schools, hospitals, housing and infrastructure, while relieving pressure on the public purse. “The major challenges we currently face call for bold solutions. That’s why I fully support the creation of a National Infrastructure Investment Bank to maintain a consistent flow of construction projects and sustain jobs, skills and capacity in the Scottish construction industry.”26th Feb 2010 by: Editor Select news from a previous month?
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