New Bill to set up UK Infrastructure Bank announced in Queen’s speech
The UK Infrastructure Bank was launched in interim form at its headquarters in Leeds in June last year. It was tasked with accelerating investment into ambitious infrastructure projects, cutting emissions and levelling up across the UK.
This Bill will complete the Bank’s set up as an operationally independent institution and give it the power to lend directly to local authorities and the Northern Ireland Executive. It will also support the Bank’s operational independence by setting out clear accountability for how it is to be run.
Since its launch, the Bank has completed five deals, including financing the UK’s largest solar farm in south Wales, investing £100 million to provide high-capacity broadband to around 500,000 properties in hard-to-reach UK premises and a further £50 million to improve digital connectivity for rural homes and businesses across Northern Ireland.