Billions for businesses and communities to support local growth
Chancellor Rish Sunak has launched a new UK Infrastructure Bank to help businesses and communities support local growth and tackle climate change.
The Bank will be tasked with accelerating investment into ambitious infrastructure projects, cutting emissions and levelling up every part of the UK. The Government said it will provide billions of pounds to help to finance important projects including clean energy, transport, digital, water and waste.
The Chancellor of the Exchequer, Rishi Sunak said:
“Opening its doors today, the UK Infrastructure Bank will accelerate our ambitions for tackling climate change and levelling up, while creating new opportunities across the UK as part of our Plan for Jobs.
“Through the Bank, we are investing billions of pounds in world class infrastructure that will support people, businesses and communities in every corner of the UK.
“The UK Infrastructure Bank will have an initial £12 billion of capital to deploy and will be able to issue £10 billion of government guarantees, helping to unlock more than £40 billion of overall investment.
“Working in partnership with local government and the private sector, the Bank will harness investment tailored to the needs of specific infrastructure projects, offering a range of financing tools including debt, equity, and guarantees.”
The Chancellor Rishi Sunak today marked the Bank’s opening with a visit to its new office in Leeds, where he met senior leadership including the Bank’s Chair, Chris Grigg, and hosted a roundtable with local infrastructure and business leaders.
The Chair of the UK Infrastructure Bank, Chris Grigg, said: “The new UK Infrastructure Bank is open for business. I am delighted to be leading this institution, which will be a catalyst for investment to support regional economic growth and net zero ambitions.”