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UK Infrastructure Bank Launches in Leeds

UK Infrastructure Bank Launches in Leeds
22 June 2021
 

Launched at its headquarters in Leeds, the UK Infrastructure Bank is to accelerate investment into ambitious infrastructure projects.

There will reportedly be billions of pounds available to UK businesses and communities, to support local growth and tackle climate change.

First announced by the Chancellor alongside the spending review, the bank will help to finance important projects in the UK in sectors including clean energy, transport, digital, water and waste.

The UK Infrastructure Bank will have an initial £12 billion of capital to deploy and will be able to issue £10 billion of government guarantees, helping to unlock more than £40 billion of overall investment.

From 17 June, the bank will be able to issue loans, equity, or guarantees to private projects, and it will start lending to local authorities later in the summer.

 

Leeds HQ for UK Infrastructure Bank

 

Chancellor Rishi Sunak marked the bank’s opening with a visit to its new office in Leeds, where he met senior leadership including the bank’s Chair, Chris Grigg, and hosted a roundtable with local infrastructure and business leaders.

Grigg said: "I am delighted to be leading this institution, which will be a catalyst for investment to support regional economic growth and net-zero ambitions."

Sir Roger Marsh OBE DL, Chair Leeds City Region Enterprise Partnership & NP11 added: "Locating this powerful national institution in our region will be a real catalyst for change and a major driver of our post-pandemic recovery. It will build on our long-term commitment to ensuring that the benefits of economic growth are felt by all of our communities.

"This landmark decision is testament to the strength of our financial and professional services sector and will ensure a strong and successful long-term economic outlook for the city region, the North and the UK. It will act as a catalyst to inspire economic growth and business confidence at a time when it is needed most and it is pleasing that it will be operating from Leeds."

Picture: a photograph of a leather wallet, showing three cards, one of which is a VISA.

Article written by Ella Tansley | Published 22 June 2021

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