Commons Sense

Hansard-based summaries and metrics

<-- Back to proposed bills

UK Infrastructure Bank Bill [Lords] - Sitting 2

22 November 2022

Proposing MP
Richard Fuller Con
North Bedfordshire
Type
Public Bill Committee

At a Glance

Issue Summary

The statement addresses amendments to the UK Infrastructure Bank Bill to ensure reviews of the bank's effectiveness and impact include a specific focus on attracting private sector investment. Richard Fuller is proposing an amendment to specify reporting timelines for the UK Infrastructure Bank. The statement discusses the timing and frequency of reports for the UK Infrastructure Bank's effectiveness. Richard Fuller is discussing the UK Infrastructure Bank Bill and proposes an amendment to clause 9(5) to require an initial report of the bank's effectiveness within four years instead of seven. The statement discusses the UK Infrastructure Bank Bill's provisions for independent reviews of the bank's effectiveness and its definitions in clause 10. The debate centres around a new clause proposing annual reports and good jobs plans for businesses and bodies invested in by the UK Infrastructure Bank. The statement discusses the UK Infrastructure Bank Bill and debates around its amendments, particularly focusing on the rejection of a new clause.

Action Requested

Richard Fuller proposes amending clause 9 to add a provision requiring an independent review to assess the scale and effectiveness of private capital attracted by the bank, arguing that this is crucial for protecting taxpayer interests and achieving climate change goals while minimizing public burden.

Key Facts

  • Amendment 14 seeks to insert language into clause 9 regarding the effectiveness and scale of private capital attracted by the Bank.
  • Clause 9(1)(b) already mentions additional investment, but Fuller argues it needs further emphasis.
  • The amendment aims to balance climate change goals with minimising taxpayer burden.
  • Amendment 15 would alter reporting timelines for the UK Infrastructure Bank.
  • The proposed amendment specifies a first report due within 12 months and a second within 24 months of the Act's enactment.
  • Amendment 15 proposes a report within 12 months and another after 24 months.
  • Amendment 16 aims for more frequent reviews than the Government's proposed seven-year interval.
  • Initial review was originally intended in ten years, then changed to seven.
  • Amendments aim for four and five-year intervals respectively.
  • Richard Fuller proposes an amendment requiring an initial report within 4 years instead of 7.
  • The Minister previously stated he would come back to discuss clause 9(5).
  • Subsection (4) refers to a more essential period than the review interval in subsection (5).
  • Clause 9 requires reviews every seven years after an initial review.
  • The UK Infrastructure Bank framework document will be reviewed post Royal Assent, in addition to effectiveness reviews.
  • The strategic review in 2024 will cover progress, capital position, implementation of the financial framework, delegation limits and return on equity.
  • Government amendment 7 removes a privilege amendment as the Bill moves from Lords to Commons.
  • New Clause 1 would require the Bank to publish annual reports on geographical spread and ownership of investments.
  • It also mandates a 'Good Jobs' plan for all businesses invested in, requiring improvements in productivity, pay, jobs, and living standards.
  • The Minister argues that FOI requests provide sufficient transparency and existing practices capture necessary data.
  • The UK Infrastructure Bank Bill is under debate in Committee.
  • A new clause was proposed but not withdrawn, leading to a vote that was negatived.
  • Seven years is mentioned as a long period for certain clauses or reviews.
▸ Assessment & feedback
Summary accuracy