Rishi Sunak plans new investment bank for UK infrastructure projects

UK Chancellor Rishi Sunak is set to unveil a new National Infrastructure Strategy next week for an estimated 100-billion pounds worth of long-term investment, including a new bank to lever private sector capital for such projects, media reports said on Saturday.

Indian-origin finance minister, who is leing country’s ecomic fightback against coronavirus pandemic, will publish strategy to help tackle climate crisis and invest in transport on Wednesday when he will also outline a Spending Review.

UK Treasury has said that infrastructure strategy would contain a down payment on flagship programs including fibre broband, flood defenses and transport schemes.

new UK investment bank is intended in part to replace functions of European Investment Bank (EIB), after end of Brexit transition period on December 31.

"We are absolutely committed to leveling-up opportunities so those living in all corners of UK get ir fair share of our future prosperity,” said Sunak.

All nations and regions of UK have benefited from our unprecedented 200 billion pounds COVID support pack. And after a difficult year for this country, this Spending Review will help us build back better by investing over 600 billion pounds across UK during next five years, he said.

Spending Review will also see launch of UK Shared Prosperity Fund, under which money previously allocated to poorer regions by European Union (EU) will w be spent by UK government.

Sunak has also confirmed that Treasury will move some staff to a new base in rth of England next year, as part of a shift of 22,000 civil servant roles out of London and souast of England.

location of new hequarters, or so-called ecomic campus, will be anunced  in coming weeks.

(IM CREDITS:Twitter/@RishiSunak)