Prime Minister Rishi Sunak said next week the new National Infrastructure Bank plans to put billions of pounds into capital projects as part of the UK government’s “leveling agenda”, government officials said.
The Treasury Department believes that a new institution based in northern England could play an important role in starting the UK’s economic recovery in the aftermath of the epidemic.
The new lender, which will operate by the spring of next year, will receive a remittance that can help them reach “net zero carbon” by 2050 and fulfill the UK’s commitment to fund projects across the UK. A mix of loans and guarantees will co-invest with private investors and acquire shares in the project.
The government would set the bank’s powers, but officials said the management would have a high degree of independence in it.
Meanwhile, Mr. Sunak will also announce changes to the Treasury’s “Green Book”, which determines funding allocations for projects, prioritizing more poor areas and meeting ministers’ climate goals.
The Conservatives won elections in December and pledged to show off spending in “left-wing regions” such as central and northern England.
Prime Minister Boris Johnson this week pledged ten new initiatives for the government to reduce carbon emissions to “net zero” by 2050.
The Conservative government previously established a green investment bank in 2012 and sold it to an Australian private equity group five years later.
The Treasury Department will announce the location of a new “economic campus” in northern England within weeks as part of a broader attempt to move 22,000 officials to London and southeast by 2030.
Sunak will also confirm the launch of a new “British Common Prosperity Fund” that will replace up to £2.4 billion per year previously provided through the EU Rescue Fund. Next year, £220 million will be allocated to a pilot program for a new follow-up plan in the region, the Treasury Department announced Friday.
The Prime Minister also said that next fiscal year, it will plan tens of billions of pounds in infrastructure investments during expenditure reviews, including £1.6 billion in local roads.
The new infrastructure bank was recommended by John Armitt, president of the National Infrastructure Commission (Arm-Length Government Agency), who said it should start with an asset base of £20 billion. Sunak is not expected to establish an accurate financial framework for new lenders until the spring budget.
The new bank is designed to partially replace funds previously secured by European investment banks, and the UK leaves after the Brexit transition period ending on December 31st.
The EIB previously lent about 8 billion euros per year for projects ranging from London’s Cross Rail Line to social housing and new school building projects.
In general, the EIB has provided cheap debt to public and private projects and has been particularly useful in supporting new technologies struggling to win private investment due to the uncertainties and risks involved.
The Wednesday statement will also look at the publication of a long-awaited “National Infrastructure Strategy” document detailing government spending priorities over the next few years.
As of March, Sunak announced a total capital investment of £640 billion in projects such as roads, railroads, schools and hospitals in Congress.
One of the potential problems with new banks is whether they can get the highest possible credit rating. EIB can borrow at very low interest rates due to its AAA credit rating.
In the “Infrastructure Finance Review” consultation (to be finalized in the fall) launched last year, the Ministry of Finance noted that some countries, such as Germany, Japan and Canada, have publicly owned, independent financial institutions for their infrastructure.
Noble Francis, Director of Economics at the Construction Products Association, welcomed the news from the new bank: “There is a potential for great success in attracting additional private financing to fund infrastructure projects.”
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