How can the UK plug its infrastructure funding gap post Brexit? Lords EU Committee to report

On Thursday 31 January 2019, the House of Lords EU Financial Affairs Sub-Committee will publish its report, Brexit: the European Investment Bank, which explores the implications of losing access to the world’s largest multilateral lender after Brexit.

Since the UK’s accession to the European Communities in 1973, the European Investment Bank (EIB) has lent more than €118 billion to the UK across different sectors of the economy such as energy, transport, water and housing. In 2015 alone, the EIB provided £5.6 billion for 40 different projects, amounting to approximately one-third of total investment in UK infrastructure. 

The UK has also benefited from the European Investment Fund (EIF), which has been an important investor in UK venture capital, growth and mid-market funds, facilitating access to finance for SMEs.

The Committee has been examining the consequences of Brexit on the UK's current and future relationship with the EIB. It has also considered the possible consequences of losing access to EIB and EIF funding, and the response required from the Government to address this issue.