UK Infrastructure Bank
WRITTEN BY Local Partnerships
POSTED ON 19th March 2021
It was announced this week that a new UK Infrastructure Bank will be established later this year in Leeds. The Bank will be a long-lasting institution with a high degree of operational independence. From its inception, its core objectives will be to:
- help tackle climate change, particularly meeting our net-zero emissions target by 2050
- support regional and local economic growth through better connectedness, opportunities for new jobs and higher levels of productivity
Whilst the Bank will be supporting both private and public investment in major infrastructure, local authorities will be able to access a significant proportion of this funding, with an expectation that initial lending for local government could be as high as £4bn.
Lending to local authorities across the UK will play a central role in meeting the Bank’s objectives. It is increasingly clear that local government will have a vital role to play in achieving net-zero emissions by 2050, for example through local energy solutions, coordinating retrofits or embedding change at the household level. Local and combined authorities have influence at a different level from central government and working together effectively will allow greater progress to be made towards the UK’s emissions targets.
In the Bank’s interim form, its primary focus will be on the economic infrastructure sectors covered in the National Infrastructure Strategy: clean energy, transport, digital, water and waste.
The case for action and the basis for funding are set out in the Policy Design document.
Local Partnerships is excited at the prospect of helping to support investment in UK infrastructure and we stand ready to assist local and combined authorities to develop and finance projects. We would like to hear from local authorities who want to address capacity gaps and may not have the resources needed to develop, structure and deliver complex infrastructure projects.
Local Partnerships is a joint venture between the Local Government Association, HM Treasury and the Welsh Government.
We work solely for the benefit of the public sector. Please email Rosie Pearson, Corporate Director or phone 07900 134 899 to discuss your options.