EU Grants and Loans

HM Treasury written question – answered on 12th December 2017.

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Photo of Layla Moran Layla Moran Liberal Democrat Spokesperson (Education)

To ask Mr Chancellor of the Exchequer, what steps he is taking to replace European Investment Bank and European Investment Fund lending in the event that the UK leaves the EU.

Photo of Elizabeth Truss Elizabeth Truss The Chief Secretary to the Treasury

The European Investment Bank, and its offshoot, the European Investment Fund, provide financing for infrastructure investment and growth businesses.

As set out in the joint report on progress during phase 1 of the negotiations, the government considers that there could be mutual benefit from a continuing arrangement between the UK and the EIB, and wishes to explore these possible arrangements in the second phase of the negotiations.

The government has also taken steps to ensure that finance continues to be available for good infrastructure projects and growth businesses: the UK Guarantees Scheme, which gives government support for private infrastructure finance, has been broadened to offer construction guarantees, and at Budget the Chancellor launched a 10-year action plan.

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