PRESS RELEASE : UK Infrastructure Bank Bill becomes law [March 2023]

The press release issued by HM Treasury on 24 March 2023.

• 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. Further information:

• Confirmation of Royal Assent is available in the Commons business papers and the House of Lords business page
• Full details on the investment deals unlocked by the UK Infrastructure Bank is available on the UKIB website