In a tweet Andy Burnham asked how the UK could “afford to build” a new rail line in Turkey, after a press release quoted a figure of £680 million. This amount refers to a loan being underwritten by the UK government, not direct investment in the project.
Mr Burnham’s suggestion that the UK is financing a new railway line in Turkey is misleading—the £680 million figure used in the government press release refers to a loan provided by three banks which has been underwritten by the UK government’s export credit agency. The Italian and Austrian export credit agencies are also providing reinsurance.
The press release also states that the loan guarantee has been given “on the condition that UK exporters supply to the project”. If a politician makes a misleading claim on social media, they should correct this quickly in a clear and transparent manner, including on the same platform where the claim was made. We’ve contacted Mr Burnham’s office for comment.
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