A new report today echoes findings by the National Infrastructure Commission, of the need for a new financial institution for infrastructure investment.

The Lords EU Financial Affairs sub-committee warns that once Britain leaves the European Union, the country’s infrastructure industries will lose access to funding through the European Investment Bank – which in 2015 accounted for a third of total funding for UK infrastructure projects.

In its report, the committee warns that the industry would be “hurt” if a UK alternative for the European Investment Bank isn’t put in place.

The National Infrastructure Assessment – the first of its kind for the UK – also proposes that an alternative financial institution be created to help funding and investment in infrastructure.

Responding to today’s report, a National Infrastructure Commission spokesperson said:

“Today’s report echoes the findings in our National Infrastructure Assessment – the first ever for the UK – and the need to maintain investment in our infrastructure.

“Like the committee, we’ve recommended that, without access to the European Investment Bank post-Brexit, an alternative financial institution will be needed.

“In its interim response to our Assessment, the Government confirmed there would be a review of infrastructure finance starting in late 2018 – we look forward to seeing soon how that will address this pressing issue.”