Infrastructure: Investment

Treasury written question – answered on 27th June 2022.

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Photo of Stephen Hammond Stephen Hammond Conservative, Wimbledon

To ask the Chancellor of the Exchequer, what assessment he has made for the implications of his policies of the Institution of Civil Engineer’s recommendation that the National Infrastructure Strategy should be placed on a statutory footing to provide more clarity and guidance on where the UK Infrastructure Bank should focus.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The government is committed to the approach to infrastructure that was set out in the National Infrastructure Strategy (NIS) in November 2020. This addresses the long-term issues that have held back investment in and delivery of UK infrastructure, and ensures a coherent cross-sectoral approach to decision-making. Given this clarity, there are no plans to legislate for the NIS.

The Chancellor wrote to the UK Infrastructure Bank (UKIB) on 18th March 2022 to set out his strategic priorities for the Bank. The Chancellor’s first non-statutory strategic steer provided further details on the Bank’s objectives and scope. This letter has been published and is available on The Bank’s first strategic plan was published on 23rd June 2022, and is in line with the NIS and the Chancellor’s strategic steer, setting out the Bank’s focus and its plans for the next twelve months. The Government is currently legislating to place the UKIB on a statutory footing, in order to complete the Bank’s set-up as an operationally independent institution and to enshrine its objectives and activities in law.

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