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Name of the game

GORDON BROWN'S new Investing in Britain Fund, launched this week to boost public spending, has been described by analysts as simply a re-branding exercise rather than the creation of a fully ring-fenced capital account.

A Treasury spokesman admitted that the fund will be a simple extension of the existing capital account. But he claimed that the re-naming would 'emphasise the Chancellor's keeness to reverse the decline in capital investment.'

Over the next five years the Treasury has budgeted to increase net capital investment incrementally from £6bn to £13bn. A separate, smaller, fund - the Capital Modernisation Fund - is expected to provide money for particularly innovative schemes in the public interest.`

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