To ask Mr Chancellor of the Exchequer, what plans he has to allocate funding from the public purse to (a) businesses and (b) Government Departments to replace funding from the European Investment Bank when the UK leaves the EU.
26 March 2018
The European Investment Bank, and its offshoot, the European Investment Fund, provide financing for infrastructure investment and growth businesses.
The UK considers that it may prove to be in the mutual interest of all sides for the UK to maintain some form of ongoing relationship with the EIB Group after leaving the EU, and we will explore these options with the EU as part of the negotiations on the future relationship.
The government is committed to ensuring good infrastructure projects and growth businesses can access the finance they need. The UK Guarantees Scheme, which gives government support for private infrastructure finance, has been broadened to offer construction guarantees for the first time, and the British Business Bank will be able to bring forward some of the £400 million additional investment announced at the 2016 Autumn Statement.