UK businesses and communities will have billions of pounds available from today (17 June) as Chancellor Rishi Sunak opens the new UK Infrastructure Bank to support local growth and tackle climate change.
Launched today at its headquarters in Leeds, the UK Infrastructure Bank will be tasked with accelerating investment into ambitious infrastructure projects, cutting emissions and levelling up every part of the UK.
First announced by the Chancellor alongside the Spending Review, the Bank will help to finance important projects in every region and nation of the UK in sectors including clean energy, transport, digital, water and waste.
The Chancellor of the Exchequer, Rishi Sunak said:
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:
Sir Roger Marsh OBE DL, Chair Leeds City Region Enterprise Partnership & NP11 said:
Tom Riordan, chief executive of Leeds City Council, said:
Amanda Beresford, President of the Leeds Chamber of Commerce and Planning Partner at Schofield Sweeney said:
As part of its opening today, the Bank published a framework document which sets out its relationship with government