Effectiveness of ‘rushed’ £22bn UK Infrastructure Bank is unclear, say MPs

By Carl Brown2023-01-26T12:03:00

Source: HM Treasury

The UKIB may not be funding projects that wouldn’t have been delivered anyway by the private sector, the Public Accounts Committee has said

The UK Infrastructure Bank set up to pump £22bn into infrastructure lacks a “clear strategic approach” and may not be achieving anything the private sector wouldn’t have delivered anyway, a committee of MPs has said.

The Public Accounts Committee (PAC), which scrutinises government spending, this week published a scathing report into the UKIB, which was set up by Rishi Sunak in 2021 to “finance a green industrial revolution and drive growth across the country” post-Brexit.

The PAC report said the bank, which has deployed £1bn of its initial £22bn in 10 deals, faces trade-offs between taking on investment risk while protecting the taxpayer.

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