UK Infrastructure Bank Bill

On 1 February 2023 the House voted on amendments to the UK Infrastructure Bank Bill [Lords]. The UK Infrastructure Bank Bill 2022-23 would put the UK Infrastructure Bank on a statutory footing and clarify its powers to lend to local government.

The UK Infrastructure Bank was established in June 2021 and is currently operating in interim form without its full suite of staff and functions.

There were two votes.

New Clause 2 This new clause would ensure that the Bank considers the location and ownership of the businesses and bodies it invests in and only invests in businesses and bodies who create “Good Jobs” plans to improve productivity, pay, jobs and living standards.

Businesses and bodies the Bank invests in

(1) The Bank must publish an annual report setting out—

(a) the geographical spread of businesses and bodies it invests in, and

(b) the ownership of the businesses and bodies it invests in.

(2) The Bank must prepare and publish a ‘Good Jobs’ plan for all businesses and bodies it invests in, which requires the business or body to improve productivity, pay, jobs and living standards.

I voted in favour of this Motion, which was not passed, Ayes: 210, Noes: 271. 

Amendment 5 This amendment would ensure that the Bank’s objective to support regional and local economic growth includes reducing economic inequalities within and between regions and improving productivity, pay, jobs, and living standards. It would also create a third objective for the Bank to support supply chain resilience and the UK’s industrial strategy.

I voted in favour of this Motion, which was not passed, Ayes: 212, Noes: 269. 

The Bill passed its Third Reading and will now go to its next stage.