UK government to invest $1.7 billion in building projects to revive economy

British Prime Minister Boris Johnson’s government is planning to invest 1.3 billion pounds in order to build projects and a further 2 billion pounds in energy efficiency grants to create employment opportunities and revive the economy, after suffering from losses due to the ongoing coronavirus crisis. 

As per several international media reports, these steps are being taken in order to create more jobs and to get the economy back on its feet after taking a hit due to the ongoing coronavirus pandemic. Housing Secretary Robert Jenrick has said that 300 shovel-ready projects will be receiving a share of a 900 million pound Getting Building Fund. He further added that an additional 360 million pounds will go towards home on previously developed brownfield land.

The UK’s construction industry has taken a huge hit due to the coronavirus pandemic this year and when the sector is rebooted, it would help in easing unemployment. Revenue would also be generated as various reports suggested that the country is facing its worst recession in about 300 years. The UK government has said that the building fund is likely to deliver 45,000 new homes.

Among a few projects which will be getting funding from the UK government, includes a new railway station at Thanet and a new commercial space in Manchester. As per several reports, the government estimates the investment will create 85,000 new employment opportunities across all the funded projects.  

Green Homes Grant program has been also been announced by the UK government and through this, around 600,000 homeowners will be helped to make their properties more energy-efficient. This program will cover insulation, double-glazing, installation of ground source heat pumps, energy-efficient doors, and heat controls. Households will be given a list of approved tradespeople within their local area to carry out the work. The vouchers will be issued from September.

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UK government assures of action

On August 3, the UK had recorded a total of 306,317 COVID-19 cases, with 46,286 deaths. The UK government recently announced that it will definitely act if the virus spreads in London as it has done in other parts of Britain. This was announced by junior business minister Nadhim Zahawi on August 3. Two new tests, both able to detect the deadly virus in just 90 minutes, have also be given to hospitals, care homes and laboratories across the UK to increase testing capacity and distinguish. 

Read: UK Government Assures Of 'taking Action' If COVID-19 Spreads In London

Read: Supply Of COVID Vaccine For Our People Guaranteed: UK On Pact With India's Wockhardt

(Image credit: AP)