UK Infrastructure Bank Bill “My Government will establish the UK Infrastructure Bank in legislation, with objectives to support economic growth and the delivery of net zero.” The purpose of the Bill is to: ● Finalise the creation of the UK Infrastructure Bank by establishing it in law with clear objectives to support regional and local economic growth and deliver net zero, and ensuring it has the full range of spending and lending powers. The main benefits of the Bill would be: ● Ensuring the Bank can become fully operational and is able to utilise its £22 billion financial capacity to help grow the economy to address the cost of living and support the transition to net zero by 2050. ● Providing a boost to infrastructure investment by cementing the Bank’s leading role in the market. The Bank will partner with the private sector to unlock more than £18 billion of additional investment in infrastructure. The main elements of the Bill are: ● Enshrining the Bank’s objectives and functions in legislation to ensure that it will be a long-lasting institution with a clear policy mandate to support economic growth, including at a regional and local level, and the delivery of net zero. ● Protecting the Bank’s operational independence by setting out clear accountability for how it is to be run, including reporting and board requirements. ● Providing the Bank with the necessary powers to lend directly to local authorities and the Northern Ireland Executive, enabling the Bank to play a key role in delivering public sector infrastructure projects. Territorial extent and application ● The Bill will extend and apply across the UK. Key facts ● The UK Infrastructure Bank is a British state-owned investment bank. It is intended to help with the Government's plan to support economic growth in regional and local sectors across the UK and reach net zero carbon by 2050.
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