UK businesses and communities will have billions of pounds available from today as new UK Infrastructure Bank, to support local growth and tackle climate change, opens.
The UK Infrastructure Bank will be tasked with accelerating investment into ambitious infrastructure projects, cutting emissions and levelling up every part of the UK in the quest towards net zero.
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.
Chancellor of the Exchequer, Rishi Sunak, said: “Opening its doors today, the UK Infrastructure Bank will accelerate our ambitions for tackling climate change and levelling up, while creating new opportunities across the UK as part of our Plan for Jobs.
“Through the Bank, we are investing billions of pounds in world class infrastructure that will support people, businesses and communities in every corner of the UK.”
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 Chair of the UK Infrastructure Bank, Chris Grigg, said: “I am delighted to be leading this institution, which will be a catalyst for investment to support regional economic growth and net zero ambitions.”
Sir Roger Marsh OBE DL, Chair Leeds City Region Enterprise Partnership & NP11, said: “Locating this powerful national institution in our region will be a real catalyst for change and a major driver of our post-pandemic recovery. It will build on our long-term commitment to ensuring that the benefits of economic growth are felt by all of our communities.
“The move also signifies a new page in the relationship between the government and cities and regions across the North, where we work in partnership to unlock economic potential and deliver on the ambitions for levelling-up all parts of the country.”
Tom Riordan, chief executive of Leeds City Council, said: “Since the brilliant news about Leeds being the home of the UK Infrastructure Bank we’ve been busy working with Bank and Treasury colleagues to give them a warm welcome to the city. Today’s launch is a positive signal that the Bank is moving at pace and there is a strong fit with plans for investment in clean energy, transport and housing in Leeds and the North.”
Amanda Beresford, President of the Leeds Chamber of Commerce and Planning Partner at Schofield Sweeney, said: “The Chamber is delighted to welcome the UK Infrastructure Bank to Leeds and we look forward to working with the organisation in identifying opportunities to invest in low carbon infrastructure and working towards a future net-zero economy.
“The aims and objectives of the UK Infrastructure Bank align very closely with the Chamber’s own; we recognise that in order to meet ambitious environmental targets we must invest now to create the infrastructure, jobs, skills and technologies to make this happen.”