Bill will give UK Infrastructure Bank power to lend directly to councils
0The UK Infrastructure Bank (UKIB) Bill, published as part of the Queen’s Speech, will establish the bank’s full powers including the ability to lend directly to local authorities.
UKIB, launched in June 2021, has been tasked with accelerating investment into infrastructure projects, cutting emissions and levelling up across the UK. Currently, it works with the Public Works Loan Board to make loans at a preferential rate to eligible projects.
“Since its launch nearly a year ago, the bank has already invested in important projects that will support people, businesses and communities across the UK,” said John Glen, economic secretary to the Treasury.
“The bill sets out the bank’s long-term purpose as an enduring institution to continue to do this, helping tackle climate change and support levelling up.”
UKIB will replicate the role of the European Investment Bank and is part of the government’s National Infrastructure Strategy. It will have £22bn of financial capacity to invest.
Net-zero projects already financed include the South Bank Quay wind farm, a £250m investment into the UK’s largest solar farm in south Wales, and £50m to improve the digital connectivity for rural homes and businesses across Northern Ireland.
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