UK Infrastructure Bank marks important milestone as government publishes Bill in Parliament

In a significant milestone, the government has published the UK Infrastructure Bank Bill following the Queen’s speech at the state opening of Parliament.

The Bill aims to place the Bank on a statutory footing, securing its long-term future, and establishing its full powers and operational independence. These full powers would include the ability to lend directly to local authorities; currently the Bank works with the Public Works Loans Board to make loans at a preferential rate to eligible projects.

The UK Infrastructure Bank was announced as part of the Government’s National Infrastructure Strategy in 2020 and launched in June 2021 with a mission to help tackle climate change and to support regional and local growth, partnering with the public and private sector to invest in vital infrastructure across the UK.

Less than a year since its launch, the Bank has already signed five deals – which have benefitted from its £22 billion financing capacity – as it continues to grow its capacity and capabilities, building close partnerships which support its mandate.

Commenting on the publication of the Bill, John Flint, CEO of the UK Infrastructure Bank, said:

"We welcome the introduction of the UK Infrastructure Bill, which underlines the government’s commitment to our mission.

"As the government moves to place the Bank on a statutory footing, our focus now is to bring people on board who believe in our mission and in return, they will have the chance to really influence and shape our future."

You can read further information on the Bill.

12 May 2022