Plans to spend €9.2bn on European business broadband revealed

New proposals from the European Commission (EC) could accelerate the rollout of consumer and business broadband across the EU in the years ahead.

Funds totalling €9.2 billion (£7.99 billion) have been allocated as part of the Connecting Europe Facility by the EC, with €7 billion to be solely allocated to investment in high-speed facilities.

It is hoped this EC commitment will also prompt investment from industry of between €50 billion and €100 billion.

"Over just ten years, the right broadband development could give Europe over one trillion euros in additional economic activity," commented vice president for the digital agenda Neelie Kroes.

Meanwhile, communications minister Ed Vaizey remains confident the government can achieve its goals for the rollout of superfast broadband across the country.

The Guardian reported £530 million of public money has been allocated to achieving this goal, with the government confident it will achieve its 2015 deadline to make the UK a leader in broadband services in Europe.