Armitt heralds "important milestone" as new Infrastructure Bank opens

Commission welcomes official establishment of the UK Infrastructure Bank.

Published: 17 Jun 2021

By: Ben Wilson

Tagged: ,

Picture of onshore windfarms on the coast of Cumbria

The National Infrastructure Commission has welcomed today’s official launch of the UK Infrastructure Bank, based in Leeds.

Sir John Armitt, Chair of the Commission, said: “We welcome the official establishment of the UK Infrastructure Bank. The Bank is set to become an important piece of the jigsaw for delivering the infrastructure needed to reach net zero and support economic growth in a sustainable way across all regions of the UK.

“The Commission has consistently made the case for such an institution to help catalyse the investment needed for major projects – whether they are cutting edge trials of new technologies to cut emissions or local transport systems to reduce congestion.

“Today is an important milestone and, as the Bank grows its capacity, we look forward to building an effective relationship that joins up long term thinking with resources to support delivery.”

Notes
The Commission recommended the establishment of a financial institution to replace UK access to the European Investment Bank in its 2018 National Infrastructure Assessment. Following the Commission’s recommendation, government carried out an Infrastructure Finance Review, publishing a formal consultation in spring 2019. Following this work, government confirmed its intention to set up an infrastructure bank in its National Infrastructure Strategy, published in November 2020. Chris Grigg was appointed Chair of the Bank in April 2021.

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