Friday, November 21, 2008
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PRIVATE FINANCE MILLIONS FOR ISLAND ROADS

By Clare Wall - Tuesday, March 25, 2008
THE Island has won a £325 million government private finance initiative (PFI) to improve its road network.
The government’s transport minister, Rosie Winterton, today (Tuesday) announced the Island, Hounslow and Sheffield would receive a total funding package of £1.19 billion.
IW Council leader Cllr David Pugh was delighted that the IW Council’s funding share of £325m was all it had asked for.
“This is fantastic news for the Island,” he said. “Residents have repeatedly told us the need to improve our roads is a high priority and we are pleased the government has recognised our needs.
“So much work has been put into securing the PFI and I would like to thank all those involved.
“This council is determined to provide improved services to residents and this new money will enable us to do that. It has been a long process but I am absolutely delighted we have been successful and are now in a position to make much-needed improvements to our road network.
"There is much more work to follow and we look forward to working closely with government to see this through.”
The IW has a road network of 800km of principal roads, with 14,000 street lights.
The IW Council now has to compile an outline business case, with work scheduled to start in 2011.
Ms Winterton said: “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.
“Communities with better roads also attract significant new investment, helping to boost local economies. I hope people in Sheffield, Hounslow and the Isle of Wight will soon start to feel the benefits of these schemes.”