UK Government Publishes UK Infrastructure Bill05/12/2022The U.K. Government has published the U.K. Infrastructure Bill, a piece of legislation designed to put the U.K. Infrastructure Bank on a statutory footing. The Bank was launched in interim form in June 2021 as part of the Chancellor of the Exchequer's plan to "level up" the U.K. and help achieve the U.K.'s target of net zero emissions by 2050. It will operate in partnership with private and public sector institutions to invest in projects which promote regional growth across the U.K. and support efforts to tackle climate change. The bank will have £22bn of financial capacity (via a mixture of equity and debt capital and the ability to issue guarantees) and it is hoped that its investments will help to generate over £40bn of overall investment for its projects.
The U.K. Infrastructure Bill will give statutory force to the Bank's objectives, help to guarantee the longevity of the Bank, create statutory accountability and governance for the Bank and enable the Treasury to provide financial assistance to the Bank. "Infrastructure" for the purposes of the Bank's activities will include utilities infrastructure (e.g., water, electricity and gas, telecommunications and sewerage), transport infrastructure and climate change infrastructure. This reflects the Government's emphasis on economic infrastructure for the purposes of the Bill.
The Bill has been published as part of a package of legislative proposals announced at the Queen's Speech on May 10, 2022.
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