Budget boost for infrastructure
Part of this week’s Budget announcement included increased support for UK infrastructure.
The Government will launch a new infrastructure bank in Leeds, which will invest in both public and private projects with an emphasis on reaching the UK’s Net Zero Carbon goals.
The bank will be operation from this spring, with an initial capitalisation of £12 billion. It will target projects that will help with achieving net zero emissions by 2050, with the UK Treasury estimating that it will support at least £40 billion of total investment in infrastructure.
Chancellor Rishi Sunak said that the bank will join private investors in co-investing in infrastructure projects, with a mix of loans and Government-backed guarantees to be used.
He added, “The bank will invest across the UK in public and private projects to finance the green industrial revolution.”