New Clause 1 - Businesses and bodies the Bank invests in

Part of UK Infrastructure Bank Bill [Lords] – in a Public Bill Committee at 2:45 pm on 22 November 2022.

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Photo of Andrew Griffith Andrew Griffith The Economic Secretary to the Treasury 2:45, 22 November 2022

New clause 1 would oblige the bank to publish an annual report addressing the geographical spread and ownership of the bodies the bank invests in, as well as a good jobs plan for all businesses and bodies it invests in, which requires the business or body to improve productivity, pay, jobs and living standards. It is similar to amendment 23, which has fallen, although it would require reporting after the event rather than a review. Many of my earlier points about amendment 23 remain pertinent. The bank already reports on its investments and will publish a summary in its annual report and accounts. The bank is capturing data on location in its deal assessments and will consider how best to report publicly on location for future investments.