Written statement on Update on the UK Infrastructure Bank - June 17

Chancellor of the Exchequer (Rishi Sunak): The UK Infrastructure Bank has begun operating in an interim form and is open for business.

The Bank, owned and backed by the taxpayer, will support and enable private and public investment in infrastructure, with core objectives to help tackle climate change, particularly meeting our net zero emissions target by 2050, and to support regional and local economic growth. The Government and the Bank have also set out the institution’s investment principles today which will guide how it delivers its objectives.

HM Treasury and the UK Infrastructure Bank have entered into a Keep Well Agreement to ensure that the Bank has sufficient funds to be able to meet its payment obligations in full as they fall due.

The UKIB will be headquartered in Leeds, and will operate across the whole of the UK, supporting projects in England, Scotland, Wales and Northern Ireland. Over the coming months, the Bank will continue to build its capability and capacity as it establishes itself as an independent institution.

The Government is also publishing the Bank’s initial framework document, which sets out the institution’s relationship to the government.