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.
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