UK Infrastructure Bank Bill becomes law
The UK Infrastructure Bank bill has received Royal Assent, confirming the UK Infrastructure Bank’s independence.
A key part of the Government’s plan to invest in infrastructure, the bank has so far confirmed £1.2bn worth of deals which unlock over £5bn worth of private and public investment, driving growth across the UK.
Headquartered in Leeds, the bank has created and supported 4,500 jobs across the country since it was launched in 2021.
The bank provides funding to private companies and local authorities for projects to boost clean energy, improve transport links, expand digital infrastructure, and improve water and waste processing.
The bill will enshrine the bank’s operational independence, put its objectives to level up the UK and help tackle climate change in statute and set out clear accountability structures.
Currently, the bank is tasked with unlocking £40bn worth of infrastructure investment by working closely with the private sector and local Government to drive growth and the “green industrial revolution.”
MP Andrew Griffith, economic secretary to the Treasury, said: “The UK Infrastructure Bank has already announced billions of pounds of vital investment as well as creating and supporting over 4,500 jobs UK wide.
“We have a laser focus on growing the economy and delivering high skilled, well paid jobs, as we drive forward this country’s clean energy revolution, creating opportunity in every region of the UK.”
The UK Infrastructure Bank has been provided with £12bn worth of capital to deploy, with the capacity to issue £10bn worth of Government guarantees, recently using these powers to unlock £75m to accelerate full-fibre rollout to 1.5 million homes in the UK.
