Last year Britain ranked 20th in the world for internet speeds but we could soon be waving goodbye to slow internet as a new fund launched today will see the rollout of high speed connections across the country.
£400 million is being injected by the government’s Digital Infrastructure Investment Fund, unlocking over £1 billion for full fibre broadband access, meaning better broadband connections and hopefully the end of slow internet!
Stockport business owners and residents alike can look forward to full fibre broadband which has previously been difficult to finance because the industry is relatively young and a lack of certainty around future demand makes investment hard to secure. This has held back alternative providers from entering the market and consumers have been left with limited choice, which in turn, has restricted their ability to benefit from this latest technology and forced businesses and users to struggle with slow internet speeds.
£1.7 Billion invested
The government has already invested £1.7 billion to spur industry to rollout superfast broadband across the UK. This new fund will take that to the next level. The government’s £400 million Digital Infrastructure Investment Fund (DIIF) will unlock over £1 billion for full fibre broadband, and kick-start better broadband connections across the country.
Ministers seek 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 by reducing overheads and helping businesses in Stockport and across the country to start and grow.
The fund will be launched during a visit to Peterborough today, the Exchequer Secretary to the Treasury Andrew Jones MP will highlight the investment will improve productivity:
We are investing £400 million to make sure the UK’s digital infrastructure is match-fit for the future. As technologies change and people’s habits move with them, it is crucial we play our part to ensure Britain stays at the front of the pack. Full fibre will provide us with the better broadband we need to ensure we can work flexibly and productively, without connections failing.”
Deputy-Chief Executive of the Infrastructure and Projects Authority (IPA) and government Head of Project Finance, Matthew Vickerstaff comments on the benefits of full fibre:
“Full fibre digital communication networks will be a crucial part of our future infrastructure and will require substantial investment from the private sector. The launch of the Digital Infrastructure Investment Fund will help accelerate the roll out of ultra fast digital networks by increasing access to private finance for companies delivering them.
This investment was announced in the Autumn Statement 2016 and the fun will be be in addition to the government’s £23 billion National Productivity Investment Fund aimed at improving productivity, which is key to raising living standards and of course will be a huge benefit to businesses in Stockport and the rest of the UK.