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Scotland is also benefiting with more than £3.3 million of LIBOR funding raised from fines levied on banks being distributed to good causes.
That reflects the challenge we face of resolving how best to protect the recovery, build on the economy’s strengths, yet at the same time respond appropriately to the warnings of a more difficult period ahead.
The government has also introduced 15 hours a week of free childcare for all 3 and 4 year olds, and we will double that for working families from September.
Today’s announcement represents a crucial step in the formation of the NIC. Providing a clear remit and a long-term funding guideline for British infrastructure will help this country plan for the long term and deliver the systems and networks we need to compete.
About half of our economic infrastructure is financed by the private sector, and we will continue to support that investment through the UK Guarantees Scheme, which I am today extending until at least 2026.
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