This week Richard Fuller MP welcomed the Bill that will formalise the U.K. infrastructure Bank that will help finance our transition to Net Zero including home heating, transport, energy generation and other projects during its second reading in the House of Commons.
The UK Infrastructure Bank was launched in interim form at its headquarters in Leeds last year. It was tasked with accelerating investment into ambitious infrastructure projects, cutting emissions and levelling up across the UK. This Bill will complete the Bank’s set up as an operationally independent institution and give it the power to lend directly to local authorities and the Northern Ireland Executive. It will also support the Bank’s operational independence by setting out clear accountability for how it is to be run.
Richard's contribution to the debate can be watched here. Speaking after the debate, he said:
I complimented the government for adding references to the circular economy and nature-based solutions which are personally important to me.
Most of all I pressed the government to be clearer on how it will ensure the bank meets its objectives to “make a positive financial return”. This is crucial to ensure that taxpayers do not remain “on the hook” while private investors take profits.
