Overview

The Infrastructure (Financial Assistance) Bill authorizes the UK government to provide financial assistance for infrastructure projects. This assistance can take various forms and is subject to a spending limit and reporting requirements to Parliament.

Description

This Bill allows the Treasury and the Secretary of State to provide financial assistance for infrastructure projects. This assistance can include loans, guarantees, or indemnities.

Types of Infrastructure

The definition of "infrastructure" is broad, encompassing water, electricity, gas, telecommunications, sewerage, railway facilities (including rolling stock), roads, transport facilities, health and educational facilities, court and prison facilities, and housing. "Provision" includes acquisition, design, construction, conversion, improvement, operation, and repair.

Spending Limit

The bill sets an initial maximum limit of £50 billion on government expenditure and liabilities under the Act. This limit can be increased by an order made by the Treasury, but only after approval by the House of Commons.

Reporting Requirements

The Treasury must submit annual reports to the House of Commons detailing the arrangements for providing financial assistance, the amount spent, outstanding liabilities, sums received, and the overall government expenditure and liabilities under the Act.

Funding

Expenditure under the Act will be met from money provided by Parliament, drawn from the Consolidated Fund where necessary.

Government Spending

The bill initially authorizes up to £50,000,000,000 (fifty billion pounds) in government spending and liabilities. This amount can be increased by order of the Treasury, subject to parliamentary approval.

Groups Affected

The bill could affect various groups:

• Infrastructure providers: Companies and organizations involved in developing and maintaining infrastructure could benefit from financial assistance.
• Taxpayers: The ultimate cost of the financial assistance will be borne by taxpayers.
• Parliament: Parliament will be responsible for approving any increases to the spending limit and scrutinizing the Treasury's annual reports.
• Government: The Treasury and relevant Secretaries of State will be responsible for administering the scheme.

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