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Select Committee · Public Accounts Committee

Creation of the UK Infrastructure Bank

Status: Closed Opened: 12 Oct 2022 Closed: 13 Apr 2023 5 recommendations 18 conclusions 1 report

In June 2021, HM Treasury launched the UK Infrastructure Bank (UKIB) with the aim of encouraging private finance alongside public investment to achieve two strategic objectives: helping to tackle climate change and supporting regional and local economic growth. UKIB is a publicly owned company with the Treasury as sole shareholder. The Treasury has provided for …

Clear

Reports

1 report
Title HC No. Published Items Response
Thirty-Fourth Report - The Creation of the UK Infrastructur… HC 45 25 Jan 2023 23 Responded

Recommendations & Conclusions

2 items
10 Conclusion Thirty-Fourth Report - The Creation of … Deferred

The Bank’s capacity to make complex and innovative deals is limited by the lack of...

The Bank’s capacity to make complex and innovative deals is limited by the lack of suitably qualified staff members. The Bank has worked with Treasury to complete recruitment to key senior leadership positions that were not filled at launch. At the time we took evidence in early November 2022 the …

Government response. The Bank will provide the requested information to Parliament by the end of September 2023 and in March 2024 in addition to the information on the Bank’s operations which is already provided to Parliament through the Annual Reports and Accounts …
HM Treasury
11 Conclusion Thirty-Fourth Report - The Creation of … Deferred

The Bank told us that, as a result of having insufficient skills and expertise, it...

The Bank told us that, as a result of having insufficient skills and expertise, it has only entered into relatively low risk, more straightforward investment deals, as those are the only deal types it is comfortable delivering with the available staff.28 It currently has a small banking team of 15 …

Government response. The Bank will provide the requested information to Parliament by the end of September 2023 and in March 2024 in addition to the information already provided through the Annual Reports and Accounts (ARA) process.
HM Treasury

Oral evidence sessions

1 session
Date Witnesses
7 Nov 2022 David Lunn · Department of Business and Trade, James Bowler CB · HM Treasury, John Flint · UK Infrastructure Bank, Philip Duffy · Environment Agency, Tim Jarvis · Ofgem View ↗

Correspondence

3 letters
DateDirectionTitle
23 Feb 2023 — Correspondence from Andrew Griffith MP, Economic Secretary to the Treasury, HM …
22 Nov 2022 — Correspondence from John Flint, Chief Executive Officer, Infrastructure Bank, r…
8 Nov 2022 — Correspondence from John Flint Chief, Executive Officer, Infrastructure Bank, r…