UK launches £400m fund to promote digital infrastructure
UK Government launches £400m Digital Infrastructure Investment Fund, for full fibre broadband
The UK Government has announced plans to launch a Digital Infrastructure Investment Fund (DIIF), which will invest a total £1 billion for full fibre broadband and improved broadband connectivity across the country.
In a statement the Government said that the fund is set to “revolutionise Britain’s digital infrastructure, making internet access more reliable for homes and businesses, and enabling more people to work remotely without disruption. The flexibility to work remotely is pivotal for driving our economy forward; reducing overheads and helping businesses to start and grow”.
Speaking during a visit to Peterborough to launch the event today, exchequer secretary to the treasury Andrew Jones MP said: “Gone will be the days where parents working from home see their emails grind to a halt while a family member is gaming or streaming Game of Thrones in the next room. Full fibre will provide us with the better broadband we need to ensure we can work flexibly and productively, without connections failing.”
Rather than keep the management of the fund within the confines of the government, instead, two private investment firms have been appointed to oversee and manage the fund, Amber Fund Management Limited and M&G Investments. They said that the move “by catalysing private sector investment will become self-sufficient.”
Commenting on the appointment John Mayhew, head of infrastructure at M&G Investments said: “We are pleased to be working with HM Treasury in order to play our part in delivering world class, high-speed broadband infrastructure in the UK. This approach ensures that Britain is ready for the future and brings benefits to families and businesses across the country who rely on fast and greater connectivity, as well as ordinary savers through the returns generated for their pension funds.”
Giles Frost, CEO of Amber Infrastructure, added: “We are delighted to be partnering with HM Treasury and look forward to helping the community of businesses building the next generation of digital networks to scale up and accelerate the rollout of ultrafast connectivity across the UK. Amber will apply its experience in implementing core economic and social infrastructure projects alongside public sector partners to deliver this landmark initiative.”
He advised any private firms interested in accessing the fund to contact the fund managers directly, who can then advise on the investment process.