Long-term investment package made possible by Solvency II and Omnibus II - comments by Sharon Bowles MEP

The Government will today unveil its National Infrastructure Plan (NIP), which includes an estimated £375 billion of investment in transport, energy, communications, and water projects, as well as the selling off of its 40% stake in Eurostar.

In concert with the Government's announcement the insurance industry is today unveiling plans for £25bn of investment in UK infrastructure projects.

Insurers Aviva, L&G, Standard Life, Prudential, Friends Life, and Scottish Widows will be able to invest in infrastructure following changes in EU rules pushed for by the European Parliament's Economic and Monetary Affairs Committee (ECON).

Commenting, Sharon Bowles MEP, who chairs the ECON Committee, said:

"Today's announcement by the insurance industry has been made possible because of the changes we made to Solvency II and Omnibus II in the European Parliament.

"Infrastructure projects in the UK need as much investment as possible and allowing insurance companies to invest is a key step forward in getting projects finished.

"I and colleagues in the European Parliament have worked on this insurance legislation for many years and we recently completed negotiations in an 8 hour late night session. Today's announcement makes it all worthwhile."

ENDS

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