Clause 9 - Reviews of the Bank’s effectiveness and impact

Part of UK Infrastructure Bank Bill [Lords] – in the House of Commons at 4:19 pm on 1st February 2023.

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Photo of Andrew Griffith Andrew Griffith The Economic Secretary to the Treasury 4:19 pm, 1st February 2023

I beg to move, That the Bill be now read a Third time.

The Bill will place the UK Infrastructure Bank on a statutory footing and enshrine key aspects of it in legislation, ensuring that the bank’s purpose is clear and enduring. It will enable the bank to lend directly to local authorities and the Northern Ireland Executive, and His Majesty’s Treasury will be able to put the bank into funds. The Bill also guarantees a high standard of transparency and accountability to this House.

The Bill will now enable the bank to be fully operational, ensuring that its two strategic objectives are put into statute. It marks the next chapter for the UK Infrastructure Bank as it continues to develop operationally. Since the summer of 2021, when the UKIB became operational, 10 deals worth close to £1.1 billion have been completed, including providing financing for a new £500 million fund that could double the amount of subsidy-free solar power in the UK.

The UKIB has a transformative potential that I know is recognised and supported on both sides of the House. I would like to thank my immediate predecessors, my right hon. Friend John Glen and my hon. Friend Richard Fuller. I also thank Abena Oppong-Asare and her colleague Tulip Siddiq for their appropriate challenge, but also for the support they have given the Bill.

I would also like to put on record my sincere thanks and the best wishes of this House to the UKIB, including its chair, Chris Grigg, and its chief executive, John Flint, who have both done such great work in establishing the UKIB to date. Finally, as is customary, I would like thank my Bill team—Alex McBeath, Milly Rainford and Lorna Cosgrave—along with those in my private office at the Treasury, who have supported me ably throughout this process.

I am honoured to have played a part in taking this Bill—one that will deliver meaningful, material benefits for our country and our constituents—through the House of Commons, and I commend it to the House.

Question put and agreed to.

Bill accordingly read the Third time and passed, with amendments.