Clause 2 - Objectives and activities

Part of UK Infrastructure Bank Bill [Lords] – in a Public Bill Committee at 10:00 am on 22 November 2022.

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Photo of Abena Oppong-Asare Abena Oppong-Asare Shadow Exchequer Secretary (Treasury) 10:00, 22 November 2022

I thank the Minister for his explanation of the amendments.

Clause 2(4) describes the activities of the bank, as the Minister explained, and sets out that in addition to funding private infrastructure projects, it can provide financial support to local government. Government amendment 8 seeks to clarify that the bank can provide loans to public authorities other than local authorities and Northern Ireland Departments. Amendment 9 to clause 10 would achieve the same purpose. It would clarify that the Bill considers public authorities to be local authorities, Northern Ireland Departments and any other person exercising functions of a public nature.

I am grateful to the Minister for his letter of yesterday that set out the reasons for the Government amendments, which we will not oppose.