The UK Infrastructure Bank has celebrated a milestone with key legislation that confirms its long-term future receiving Royal Assent.
The bank opened its headquarters in Leeds in June 2021. Since its launch, it has announced 12 deals, and invested about £1.2bn, which has unlocked more than £5bn in private capital and more than 4,500 jobs (created and supported).
It has also appointed a full board and executive team and continues to grow its capabilities. It will About 280 permanent staff are eventually set to be employed, with the majority based in Leeds.
The bank provides funding to private companies and local authorities for projects to boost clean energy, improve transport links, expand digital infrastructure, and improve water and waste processing.
The UK Infrastructure Bank Act has now been passed into law, enshrining its operational independence, putting its objectives to level up the UK and help tackle climate change in statute, and setting out clear accountability structures.
As a result of the new Act, ‘infrastructure’ will also be legally defined as including nature-based, as well as technological, investment.
John Flint, chief executive of the UK Infrastructure Bank, said: “This is another major step forward in our development, as it cements our position as an enduring organisation. And that, in turn, means we can move forward with confidence as we work with our partners in the public and private sector to deliver our critical mission of tackling climate change and driving up regional and local economic growth.”
Andrew Griffith MP, economic secretary to the Treasury, added: “The UK Infrastructure Bank has already announced billions of pounds of vital investment as well as creating and supporting over 4,500 jobs UK wide.
“We have a laser focus on growing the economy and delivering high skilled, well paid jobs, as we turbo charge this country’s clean energy revolution, creating opportunity in every region of the UK.”
Last week, the bank announced its first deal in the water sector, as well as its first deal aimed at improving climate resilience, investing £50m alongside private sector partners to finance the Havant Thicket Winter Storage Reservoir, managed by Portsmouth Water.
Other deals have included financing the first undersea energy link between the UK and Germany, committing £250m as a cornerstone investor in the NextPower UK ESG (NPUK ESG) fund, and partnering with Bristol, Greater Manchester, and West Yorkshire to support projects at the forefront of climate change and regional growth agenda.