LibCons bin £2bn of late Labour projects
Leaves axe dangling above another £8.5bn worth
The coalition government has scrapped 12 projects worth £2bn pounds that were agreed during the final months of Labour's rule.
Twelve further projects, worth £8.5bn, have been suspended.
Stonehenge Visitor Centre got the axe, as did a number of projects with a likely IT component including Sheffield steelmaker Forgemasters (an £80m loan to build a world-leading 15,000 tonne press to supply specialist components for the nuclear industry), North Tees and Hartlepool hospital, and local authority initiatives. Funding for the unemployed was also cut.
Among the suspended projects are the Libraries modernisation programme and the Kent Thameside transport programme.
Chief Secretary to the Treasury Danny Alexander said projects that did not fit with the Government's priorities or that did not offer good value for money had been abandoned.
"We are determined to tackle the unprecedented budget deficit and bad financial management we have seen over the past decade, but are equally determined to do this in a way that is fair and responsible,” he said.
You can find Alexander's full statement here. ®
Full list of projects cancelled
Stonehenge Visitor Centre: £25m
Local Authority Leader Boards: £16m
Sheffield Forgemasters International Limited: £80m
Rollout of the Future Jobs Fund: £290m
Six month offer recruitment subsidies: £30m
Extension of Young Person's Guarantee to 2011/12: £450m
Two year Jobseeker's Guarantee: £515m
Active Challenge Routes - Walk England: £2m
County Sports Partnerships: £6m
North Tees and Hartlepool Hospital: £450m
Local Authority Business Growth Initiative: £50m
Outukumpu (steel company): £13m
List of projects suspended
Libraries Modernisation Programme: £12m
Sheffield Retail Quarter: £12m
Kent Thameside Strategic Transport Programme: £23m
University Enterprise Capital Fund: £25m
Newton Scholarships: £25m
Health Research Support Initiative: £73m
Leeds Holt Park Well-being Centre: £50m
Birmingham Magistrates Court: £94m
Successor Deterrent Extension to Concept Phase Long Lead Items: £66m (will be reviewed as part of a broader report into the future of Trident submarines)
Search and Rescue Helicopters: £7bn (will be reviewed as a matter of urgency)
A14 Road: £1.1bn
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