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£1.19bn PFI for Isle of Wight, Sheffield and Hounslow roads

A £1.19bn Private Finance Initiative (PFI) package was announced today for a major roads upgrade on the Isle of Wight, Sheffield and Hounslow.

The funding will allow the three areas to upgrade and improve its roads over the next 25 years.

"Better quality roads mean safer and quicker journeys for local people - this new funding will benefit all road users, whether they are motorists, bus users, pedestrians or cyclists," said Transport Minister Rosie Winterton.

"Communities with better roads also attract significant new investment, helping to boost local economies," she said.

Under the arrangements, Sheffield City Council will receive £663.8M in PFI credits, the Isle of Wight Council will receive £325M in PFI credits and the London Borough of Hounslow will receive £198M in PFI credits.

The London Borough of Hounslow scheme consists of approximately 450 km of road made up of principal roads, non-principal roads and unclassified roads as well as 16,000 street lights.

The Isle of Wight scheme consists of approximately 800 kilometres of road made up of principal roads, non-principal roads and unclassified roads as well as 14,000 street lights.

The Sheffield scheme consists of approximately 1,950 kilometres of road made up of principal roads, non-principal roads and unclassified roads as well as 69,000 street lights.

All three councils are now drawing up Outline Business Cases, with work scheduled to start in 2011.







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