UK infrastructure bank
The first National Infrastructure Strategy (NIS) was published by HM Treasury on 25 November 2020 as part of the Spending Review. It described government plans to transform UK infrastructure based around three central objectives:
- Economic recovery.
- Levelling up and strengthening the Union.
- Meeting the UK’s net zero emissions target by 2050.
The strategy included plans to set up a new UK infrastructure bank that will co-invest in infrastructure projects alongside the private sector. The bank will operate UK-wide, will be based in the North of England, and will support the NIS objectives. It will also be able to lend to local and mayoral authorities for key infrastructure projects, and provide them with advice on developing and financing infrastructure.
The new bank will operate within a mandate set by government and will have a high degree of operational independence. It will replace some of the activities of the European Investment Bank (EIB) following the UK’s departure from the European Union. However, the bank will provide more targeted support than the EIB and will be better aligned with the government’s objectives.
It will use a range of tools to support private projects. As well as offering guarantees through the existing UK Guarantees scheme, it will be able to offer debt, equity, and hybrid products.
The 2021 budget will set out comprehensive details regarding the operations, mandate and scale of the bank. The government intends that the bank will be operational in an interim form from spring 2021 so that it can play a role in supporting the UK’s recovery from the COVID-19 pandemic. The government will legislate for the bank at the earliest opportunity, to put it on a statutory footing.
[edit] Related articles on Designing Buildings
- Budget 2020 and the first National Infrastructure Strategy.
- Building our Industrial Strategy: green paper.
- Construction 2025.
- Five key themes for global infrastructure policy in 2021.
- Government publishes UK infrastructure strategy.
- Infrastructure UK.
- National Infrastructure Commission.
- National Infrastructure Commission’s Annual Monitoring Report 2020
- National Infrastructure Pipeline.
- National Infrastructure Plan.
- National Infrastructure Strategy.
- Natural capital, infrastructure banks and energy system renationalisation.
- The first step to long-term prosperity - the National Infrastructure Strategy.
- The growing importance of an evidence-based National Infrastructure Strategy.
- The Institution of Civil Engineers.
Featured articles and news
Top 50 firms awarded 52bn of projects in the last year
New engineering data shows.
Enhancing construction site reporting efficiency
Through digitisation and the digital revolution.
Noise in the built environment
BSRIA guide TG 20/2021.
17,000 people suffer conditions as a result of exposure to excessive noise at work.
Turning down the noise: Auditory health
A pervasive risk with far-reaching consequences.
UK Construction Week, London is here !
Debuting major international pavilions and much more.
Getting the most out of heat pumps and heating
How heat pumps work and how they work best.
Plumbing and heating for successful retrofit and renovation
Low temperature underfloor systems and heat pumps.
Cost-of-living crisis and home improvement plans
Starting on the right footing and top tips for projects.
Delays on construction projects
Types, mitigation and the acceleration of works.
From Chaucer to Fawlty Towers.
Electrotechnical excellence, now open for entries.
Net zero electricity grids BSRIA guide NZG 5/2024
Outlining the changes needed to transition to net zero.
CIOB Global Student Challenge 2024
Universitas Indonesia wins for second year running.
ECA 2024 Apprentice of the Year Award
Entries open for submission until May 31.