News story: UK Infrastructure Bank Bill becomes law
The UK Infrastructure Bank bill has received Royal Assent, confirming
the UK Infrastructure Bank’s independence A vital part of the
Government’s plan to invest in infrastructure, the Bank has already
announced £1. 2 billion of deals that unlock over £5 billion of
private and public investment, driving growth in every region of the
UK Headquartered in Leeds, the Bank is bringing hundreds of jobs to
the city and has already created and supported 4,500 jobs across the
country
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.
Having already announced £1. 2 billion of deals
that unlock over £5 billion of private and public investment, the Bank
is tasked with unlocking £40 billion of infrastructure investment by
working closely with the private sector and local Government to drive
growth and our green industrial revolution.
Andrew Griffith
MP, 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. ”
Formally launched in June 2021 the UK Infrastructure Bank has
been provided with £12 billion of capital to deploy, with the capacity
to issue £10 billion of government guarantees, recently using these
powers to unlock £75 million to accelerate full-fibre rollout to 1. 5
million homes in the UK.
The Bank will continue its mission
to harness investment tailored to the needs of specific local areas,
offering a range of financing tools including debt, equity, and
guarantees.
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