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L&g To Increase Investment In The Uk From £3Bn To £15Bn

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http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/10220975/Legal-and-General-in-15bn-infrastructure-pledge-for-UK-but-HS2-will-miss-out.html

Nigel Wilson, chief executive, revealed that L&G wants use some of its billions of pounds of investment funds to support transport and energy projects, housebuilding, property and education as part of a handover of infrastructure investment from banks to insurance companies and pension funds.

Although L&G's backing will be welcomed by the Government, it will be concerned that Mr Wilson has also come out strongly against the plans for the High Speed 2 fast rail link from London to the North, saying it has "little economic benefit".

He also opposes London Mayor Boris Johnson's proposals for a new London airport in the Thames Estuary and says that investment in shale gas technology is unlikely.

L&G has already put £500m into student accommodation, invested in the St George's Park National Football Centre at Burton Upon Trent and bought 46pc of housebuilder, Cala Group.

..

"If there's capital available, you'd be thinking of spending it on building more homes rather than spending £43bn on rail when there's a desperate shortage of housing.

Ah once more the wealth of the nation is tied up in housing. It's an investment which cannot fail.

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Although L&G's backing will be welcomed by the Government, it will be concerned that Mr Wilson has also come out strongly against the plans for the High Speed 2 fast rail link from London to the North, saying it has "little economic benefit".

He also opposes London Mayor Boris Johnson's proposals for a new London airport in the Thames Estuary and says that investment in shale gas technology is unlikely.

Shocker as speculating rent seeker comes out against things that will increase the supply of competition of things he seeks a monopoly in...

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I don't quite follow his line of reasoning against HS2. I think many would agree that we need more housing and HS2. It's not an either or argument.

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I don't quite follow his line of reasoning against HS2. I think many would agree that we need more housing and HS2. It's not an either or argument.

Housing would/could spring up along the HS2 route, indeed a new town has been mooted.

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Housing would/could spring up along the HS2 route, indeed a new town has been mooted.

HS2 I'm not convinced with, especially the cost. Should have done it years ago, rather then malinvesting so much debt into the greatness of house prices. If what this Reader's Letter to the Oldham Chronicle is mostly true, then even worse doubts. Any stimulus project should go beyond creating jobs solely for the work, but create other lasting jobs. For all his many failures, even Merv recognised that.

"I'm always struck when I speak to not just ministers but people who work in the Treasury that it is actually quite difficult to produce the investment projects. It's very easy to spend money but in a way that maybe doesn't add to the real gross domestic product."

Don't understand the obsession with speed either, when the distances involved aren't particular that much of a stretch. Speed might give a slight increased economic productivity, but must be a tradeoff with additional maintenance and safety costs..

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Also, great, new housing, which developers will want us to use Help-To-Buy to overpay for, whilst the authorities fret about protecting people in their late 30s/mid 40s who took jumbo mortgages to bid up house prices, whilst saying baby boomers have done very well out of house prices (and continue to do so given support for jumbo mortgage older debtors, second home-owner borrowers, BTLers.).

Dutch rail chief resigns as Fyra high-speed train row rumbles on (update)

Monday 03 June 2013

The political impact of Belgium's decision to drop the Fyra high speed trains service continued to unfold on Monday, with Dutch finance minister Jeroen Dijsselbloem saying it is 'too early' to pull the plug.

Fyra is a joint service with Dutch state-owned rail company NS, and the Dutch company is also keen to abandon the project, sources have told Nos television.

But Dijsselbloem said on Monday he wanted to know 'the options, risks and financial consequences' of pulling the plug on the high-speed project. Fyra services are currently suspended because of safety concerns. One report says the final bill to the government could be as much as €500m.

continued http://www.dutchnews...signs_as_fy.php

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