The UK Infrastructure Bank, which will help the UK
reach its net zero carbon emissions target, moved a step closer to
launch today with the appointment of its new chair.
Chris Grigg CBE, who has more than 30 years’ experience across
the real estate and financial services industries, was appointed
following a fair and open competition.
He starts the job on Tuesday (4 May 2021) and the Bank will
launch in an interim form on 17 May 2021. Mr Grigg has held a
range of leadership roles including Chief Executive of Barclays
Commercial Bank and, most recently, at British Land, a property
development and investment company.
The UK Infrastructure Bank (UKIB) – headquartered in Leeds – will
receive an initial £12 billion of capital and £10 billion of
government guarantees, which will enable it to unlock more than
£40 billion of financing for key projects across the UK. It will
prioritise investment in projects that help tackle climate
change, helping the UK to meet its net zero target by 2050, and
level up the country by supporting regional and local economic
growth.
The Financial Secretary said:
I am delighted that Chris Grigg CBE has agreed to serve as
Chair of the new UK Infrastructure Bank. He brings a great deal
of useful experience to this important role, and I look forward
to working closely with him.
Mr Grigg, who will lead the Bank’s board and set the strategic
direction of the organisation during an initial three-year term,
said:
It is a great privilege to be the inaugural Chair of the UK
Infrastructure Bank.
I am excited to lead this organisation as we build it from the
ground up and ensure it provides vital financing for the UK
infrastructure market and local authorities to support the
transition to net zero and spread economic opportunity across
the whole of the UK. I look forward to getting started.
- Chris Grigg was selected following a fair and open
competition, after the role was advertised on the Cabinet Office
Public Appointments website for one month.
- He confirmed that he has not undertaken any political
activity within the previous five years including donating to, or
canvassing on behalf of, any political party.
- He previously served as interim Senior Advisor to the
Chancellor of the Exchequer on the Bank since December 2020; this
was a part time and unpaid role.
- Alongside serving as Chair of the Bank, Mr Grigg is a Senior
Independent Director on the board of BAE Systems. This was
declared from the outset of the process and was not considered a
conflict of interest for taking up the role of Chair at UKIB by
the selection panel or ministers. It is common for individuals to
hold multiple non-executive roles. He has signed a legal letter
of appointment confirming that any confidential information he
receives as Chair cannot be disclosed and can only be used for
the purposes of the Bank.
- The Chair role is a part time position. Mr Grigg will serve
an initial three-year tenure with possible reappointment for one
further three-year term.
- The Bank’s £22 billion of financial capacity will consist of
£5 billion of equity, £7 billion of debt, and £10 billion of
guarantees.
- A Policy Design paper for
the UK Infrastructure Bank has been published.
About the Appointment Process:
Chris Grigg was selected following a fair and open competition.
An advisory assessment panel chaired by Charles Roxburgh (Second
Permanent Secretary, HM Treasury) and also consisting of Sir John
Armitt (Chair, National Infrastructure Commission and National
Express Group) and (Permanent
Secretary, Department for Transport) interviewed a number of
candidates and made recommendations to the Financial Secretary to
the Treasury and Chancellor, which informed the selection
decision.
There were 21 applications for the position, of which six
candidates were shortlisted for interview.
