Tory leadership contender Stephen Crabb is pledging a building bonanza with a £100bn “Growing Britain Fund” to build new schools, hospitals and flood defences, if elected.
Stephen Crabb
The work and pensions secretary said the infrastructure investment fund could finance a variety of essential projects, including a national fibre-optic broadband network and Crossrail 2.
The money would come from issuing new government bonds, said Crabb.
Bond yields have fallen since the Brexit vote, lowering borrowing costs. “The cost of borrowing is incredibly low. Spending government money on infrastructure has therefore never been more affordable,” Crabb said.
Crabb announced his plan in conjunction with business secretary Sajid Javid, whom he plans to appoint as chancellor if he wins the leadership election.
The duo said they would also bring forward current infrastructure plans, including the electrification of the TransPennine Manchester to Leeds rail route, which was put on hold last year.
Javid claimed the plan could create “hundreds of thousands” of new jobs.
Stephen Crabb image: Wikipedia
