UK Infrastructure Bank Bill becomes law

The UK Infrastructure Bank has been granted statutory powers under a new bill, which aims to boost the country’s clean energy efforts and promote green industrial revolution.

The Bank, which provides funding for private firms and local authorities to improve infrastructure, transport, digital infrastructure, water, and waste processing, will be granted operational independence, defined objectives, and accountability structures by the bill. The Bank has already announced deals worth £1.2 billion, which have led to over £5 billion of private and public investment.

The bank aims to unlock £40 billion of infrastructure investment by working with private firms and local governments. The Bank has been provided with £12 billion of capital to deploy and can issue £10 billion of government guarantees. Recently, it unlocked £75 million to accelerate the rollout of full-fibre to 1.5 million homes in the UK.

Offering debt, equity, and guarantees, the Bank aims to provide tailored investment to specific local areas. Economic Secretary to the Treasury, Andrew Griffith MP, stated that the Bank has created and supported over 4,500 jobs in the UK and aims to drive the country’s clean energy revolution while creating opportunities in every region of the country.