Clause 2 - Objectives and activities

Part of UK Infrastructure Bank Bill [Lords] – in a Public Bill Committee at 10:15 am on 22 November 2022.

Alert me about debates like this

Photo of Andrew Griffith Andrew Griffith The Economic Secretary to the Treasury 10:15, 22 November 2022

The steer provided from time to time in the context of the wider oversight of the investment bank, under its statutory objectives—effectively, the interpretation layer—is the right place. We do not disagree with the principle, but we could sit here all day and think of various admirable principles that we would like to put into statute. It is the Government’s contention that the provision would over-fetter the discretion of the bank and that it is not the appropriate vehicle. I understand that we will debate this point a number of times as we go through the Bill. The Government want the bank to get on with its job. We want to give it the statutory clarity it needs and to allow Parliament and Government, from time to time, if they wish, to give the steer required.