Chief Secretary, Danny Alexander has announced today that the University of Northampton is one of 16 projects across the country that has pre-qualified and is eligible for the UK Guarantee scheme.
While further discussion, assessment and due diligence remain, the move could see the University secure government agreement to act as a guarantor for its move to Waterside giving private lenders confidence they will get their money back.
Professor Nick Petford, Vice-Chancellor of the University of Northampton said: “We are delighted the project is on its way to being Treasury backed, getting this seal of approval from the highest level of Government demonstrates the growth this project will bring, supporting both the local and national economy.”
Councillor David Mackintosh, Leader of Northampton Borough Council, said: “This is one of the cornerstone developments for the Waterside Enterprise Zone, and would see thousands of staff and students brought closer to our town centre. The new campus is another exciting Northampton Alive project that underline the confidence that Government and the business community has in our town. If the University can take advantage of this guarantee it will be a real boost for residents, local businesses and the reputation of Northampton as an ambitious university town.”
Chief Secretary to the Treasury, Rt Hon. Danny Alexander MP said: “Getting our infrastructure right means we can be globally competitive, boost growth and create jobs across the UK. What we see today is the extent to which the Government is reaching out to help the private sector build Britain’s key infrastructure.”
The UK Guarantee scheme launched last year to prevent delays to projects that may have stalled because of adverse credit conditions. The scheme is open to major infrastructure in sectors such as energy, transport, communications, waste and housing that are seen as growth boosting projects that will help support the local and national economy.