The National Infrastructure Commission has welcomed the announcement in today’s Budget on next steps for the creation of a UK infrastructure bank, based in Leeds.
Julia Prescot, Commissioner, said: “We welcome the progress towards establishing an infrastructure bank, as recommended by the Commission. The bank can play a key role in catalysing the investment needed for projects to support economic recovery, net zero and enabling all parts of the UK to meet their long term growth potential.
“It is encouraging to see more details of how the bank will operate and the solid initial amount of funding available to it, which we hope can make an early start to unlock the new levels of investment we need in UK infrastructure. The Commission looks forward to working with the government to build an effective relationship with the Bank and help ensure it meets its objectives.”
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.