Government launches £400m fund into UK digital infrastructure
03 July 2017 | Natalie Bannerman
The UK government has launched The Digital Infrastructure Investment Fund, which will invest a total £1 billion for full fibre broadband and improved broadband connectivity across the country.
In a statement, the Government has said that the fund is set to: “revolutionise Britain’s digital infrastructure, making internet access more reliable for homes and businesses, and enabling more people to work remotely without disruption. The flexibility to work remotely is pivotal for driving our economy forward; reducing overheads and helping businesses to start and grow”.
The news counts as the third time the government has announced plans for the fund, following its initial pledge in the August 2016 statement.
Speaking during a visit to Peterborough to launch the event today, exchequer secretary to the treasury Andrew Jones MP said: “Gone will be the days where parents working from home see their emails grind to a halt while a family member is gaming or streaming Game of Thrones in the next room. Full fibre will provide us with the better broadband we need to ensure we can work flexibly and productively, without connections failing.”
Rather than keep the management of the fund within the confines of Whitehall, instead, two private investment firms have been appointed to oversee and manage the fund. They are Amber Fund Management Limited and M&G Investments a move which in their statement they’ve said “by catalysing private sector investment will become self-sufficient.”
Commenting on the appointment John Mayhew, head of infrastructure at M&G Investments said: “We are pleased to be working with HM Treasury in order to play our part in delivering world class, high-speed broadband infrastructure in the UK. This approach ensures that Britain is ready for the future and brings benefits to families and businesses across the country who rely on fast and greater connectivity, as well as ordinary savers through the returns generated for their pension funds.”
Giles Frost, CEO of Amber Infrastructure also adding: “We are delighted to be partnering with HM Treasury and look forward to helping the community of businesses building the next generation of digital networks to scale up and accelerate the rollout of ultrafast connectivity across the UK. Amber will apply its experience in implementing core economic and social infrastructure projects alongside public sector partners to deliver this landmark initiative.”
Any private firms interested in accessing the fund are advised to contact the fund managers directly, who can then advise on the investment process.
7h | James Pearce
7h | James Pearce
7h | Alan Burkitt-Gray
8h | Alan Burkitt-Gray