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UK Infrastructure Bank Bill
01 November 2022
Lead MP
John Glen
Debate Type
Bill Debate
Tags
EconomyTaxationClimate
Other Contributors: 11
At a Glance
John Glen raised concerns about uk infrastructure bank bill in the House of Commons. Other MPs contributed to the debate.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Lead Contributor
Opened the debate
The UK Infrastructure Bank Bill aims to establish a long-lasting institution focusing on tackling climate change and supporting regional economic growth. Since its operational start in summer 2021, the bank has secured over £1 billion worth of deals, indicating its potential impact. The bill will set out objectives for the bank and provide it with full spending and lending powers. It is designed to address an under-supply of private sector financing by focusing on innovative technologies and high-risk sectors. The governance structure ensures operational independence and accountability through defined clauses in the Bill.
Asked about the bank's investment in a cable electricity link between the UK and Germany, questioning its necessity given both countries' time zones and similar weather patterns.
Richard Fuller
Con
North Bedfordshire
Inquired about the oversight of the bank, seeking clarity on whether it will be regulatory oversight, parliamentary oversight, or Treasury oversight. Also asked why a financial return objective is not included in the Bill.
James Murray
Lab Co-op
Ealing North
Supports the establishment of the UK Infrastructure Bank but criticises the Government's economic policies and past record on infrastructure investment. Highlights the importance of green investment, levelling up objectives, and job creation with decent conditions.
Richard Fuller
Con
North Bedfordshire
Intervenes to ask if Labour would make changes to the Bill's objectives if they formed a Government in the near future, implying concerns about Labour's commitment to permanence and stability.
Richard Fuller
Con
North Bedfordshire
Welcomes the Bill and highlights its importance in providing a long-term view for UK infrastructure. Emphasises the need to include issues such as circular economy and nature-based solutions, mentions the role of pension fund money for infrastructure expenditure, and calls for more transparency on financial frameworks. Stresses the importance of achieving net zero through private sector investment and subsidy-free models.
Nigel Evans
16:04:00
Briefly notes the enthusiasm to sit on the Public Bill Committee related to the debate on clause 4.
Stewart Hosie
SNP
Dundee East
Welcomes the Bill’s objectives but expresses concerns about the Treasury's role in directing strategic priorities and ensuring alignment between UKIB and Scottish Government goals. Highlights the need for a memorandum of understanding between UKIB and SNIB to avoid undermining Scottish targets.
Sarah Olney
Lib Dem
Richmond Park
Welcomes the Bill but expresses concerns about its financial capacity relative to climate change challenges. Emphasises the need for a joined-up approach including biodiversity and more ambitious climate targets.
Carmarthen East and Dinefwr
Mr Edwards raises concerns about governance, suggesting the Welsh Government should appoint a director to the UK Infrastructure Bank’s board. He also calls for annual appearances before Senedd Committees to ensure transparency and accountability. Furthermore, he advocates for collaboration between the bank and developers of the Swansea Bay tidal lagoon project, highlighting its potential to boost local economy and environmental innovation.
Bill Esterson
Lab
Sefton Central
Supports creation of UK Infrastructure Bank but calls for strategic focus on key areas like renewable energy, job creation, and governance reforms such as worker representation. Criticises Conservative economic failures and proposes Labour's green energy plan to deliver self-sufficiency in renewables, create jobs, reduce bills, and enhance security.
James Cartlidge
Con
South Suffolk
The speaker emphasises the importance of Clause 4 for ensuring transparency, accountability, and operational independence of the UK Infrastructure Bank. He cites examples of successful infrastructure projects that have already resulted in job creation and regional economic growth, demonstrating the bank's dual mission towards net zero emissions and levelling up.
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Assessment & feedback
Summary accuracy
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