Ministers 'must come clean on £7.6bn write-off'

 

The UK is set to miss out on €7.6bn profit share from losing access to the European Investment Bank due to Brexit, a House of Lords committee has warned.

The committee accused ministers of doing nothing to rescue the potential windfall. 

It also called on the Government to establish a UK infrastructure bank to replace the European institution.

The Lords EU Financial Affairs Sub-Committee pointed out that after Brexit the UK will lose access to the the European Investment Bank (EIB), from which the country’s infrastructure has benefited to the tune of more than €118bn in lending since 1973.

”Local

The committee said the Government should explore the possibility of establishing a UK infrastructure bank within its infrastructure finance review and, depending on the outcome of this review, it should be part of its National Infrastructure Strategy.

Committee chair Baroness Falkner of Margravine said: ‘For the last 45 years the UK has relied on the European Investment Bank to invest in all manner of vital infrastructure projects such as Crossrail, London’s “Super Sewer”, the expansion of Manchester’s tram network and Scotland’s Beatrice offshore windfarm.

‘The UK’s infrastructure, and the industries that depend on infrastructure spending, will be hurt if the Government does not quickly find a way of plugging the funding gap that will be created if access to the EIB is lost after Brexit.

‘We're calling on the Government to give serious and swift consideration to the creation of a UK infrastructure bank. It also needs to come clean about why it has not claimed any share of the EIB's profits, which for the UK could amount to €7.6bn.’

The committee said there has already been a marked decline in funding from the EIB since the 2016 referendum but that the Government has said little about any future relationship with the EIB or possible domestic alternatives.

A spokesperson for the National Infrastructure Commission said: ‘Today’s report echoes the findings in our National Infrastructure Assessment - the first ever for the UK - and the need to maintain investment in our infrastructure.

‘Like the committee, we’ve recommended that, without access to the European Investment Bank post-Brexit, an alternative financial institution will be needed.

‘In its interim response to our Assessment, the Government confirmed there would be a review of infrastructure finance starting in late 2018 – we look forward to seeing soon how that will address this pressing issue.’

Register now for full access


Register just once to get unrestricted, real-time coverage of the issues and challenges facing UK transport and highways engineers.

Full website content includes the latest news, exclusive commentary from leading industry figures and detailed topical analysis of the highways, transportation, environment and place-shaping sectors. Use the link below to register your details for full, free access.

Already a registered? Login

 
comments powered by Disqus
 
 
highways jobs

Ugobus Driver (multiple positions)

Essex County Council
Up to £18938 per annum
Please note that we have permanent, fixed term and relief contract opportunities on a part time, job share and flexible working basis. The salary is u England, Essex, Chelmsford
Recuriter: Essex County Council

Director of Integrated Transport

Liverpool City Region
Salary up to £124,848
The Liverpool City Region Combined Authority is embarking on a search for an exceptional individual with the passion to deliver on our vision Liverpool, Merseyside
Recuriter: Liverpool City Region

Highways Manager

Oxford Direct Services
G11
Oxford Direct Services
Recuriter: Oxford Direct Services

Data Entry Administrator

Telford & Wrekin Council
£18,795 - £19,171
Telford & Wrekin’s Public Protection Service is looking for an enthusiastic and self-motivated Data Entry Administrator Telford, Shropshire
Recuriter: Telford & Wrekin Council

Transport Planner

Camden London Borough Council
£33,122 to £38,423
You’ll have previous experience of working in a transport/planning/accessible transport environment Camden, London (Greater)
Recuriter: Camden London Borough Council

Parking Business Administrator Level 3 Apprenticeship

Brent Council
£15,000 p.a. inc.
This role will support the Brent Parking Team work to provide administrative support for both the Notice Processing Team Brentford (City/Town), London (Greater)
Recuriter: Brent Council

Principal Engineer (Development)

Liverpool City Council
£37,849 - £42,683
Liverpool City Council wish to recruit a Principal Engineer (Development) to provide managerial and technical support. Liverpool, Merseyside
Recuriter: Liverpool City Council

Traffic Manager

Lincolnshire County Council
£55,503 - £60,578
We are looking to recruit a Traffic Manager to join our Highways team Lincoln, Lincolnshire
Recuriter: Lincolnshire County Council

Team Leader x2 - Passenger Transport

Redbridge London Borough Council
£27,228 - £28,215 per annum
You will be responsible for overseeing the duties of Passenger Transport drivers as well as providing support to the service and managers. Redbridge, London (Greater)
Recuriter: Redbridge London Borough Council

UTMC Engineer

Warrington Borough Council
£31,371 - £34,788
You will support the UTMC Principal Engineer and work as part of a team responsible for all aspects of Urban Traffic Management and Control Warrington, Cheshire
Recuriter: Warrington Borough Council

Programme Assurance Manager Public Realm

Westminster City Council
£46,293 - £49,203 per annum
A graduate, or have equivalent experience, and you can show evidence of continued professional, managerial and personal development... City of Westminster, London (Greater)
Recuriter: Westminster City Council

Trading Standards Officer (Intellectual Property)

Camden London Borough Council
£36,630 - £42,490 Per annum
Seeking to recruit highly motivated and experienced Trading Standards Officer’s to join our busy Business and Consumer Services team. Camden, London (Greater)
Recuriter: Camden London Borough Council

Project Manager (LED Project)

Camden London Borough Council
£40,829 - £47,360
Seking a knowledgeable and engaging Project Manager to lead, shape and steer a professional engineering service.   Camden, London (Greater)
Recuriter: Camden London Borough Council

Principal Planning Officer

London Borough of Richmond upon Thames and London Borough of Wandsworth
£42,656 to £51,690
We have an exciting opportunity for an enthusiastic Principal Planning Officer within our Development Management Team, based in Richmond.  Twickenham, London (Greater)
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Programme Technician/Engineer

Norfolk County Council
£29,636 - £31,371 per annum
This is a challenging position which involves working across wide ranging activities. Norwich, Norfolk
Recuriter: Norfolk County Council

Health and Safety Environmental Health Officer

Camden London Borough Council
£36,630 - £42,490 per annum
The Successful candidate will hold BSc/MSc or Diploma in Environmental Health and be EHRB registered as an... Camden, London (Greater)
Recuriter: Camden London Borough Council

Safety, Health and Environment Technician Apprentice

North Yorkshire County Council
£19,171 to £19,945
Are you a self-starter, have a willingness to learn and have a proactive approach? Northallerton, North Yorkshire
Recuriter: North Yorkshire County Council

Head of Parking and Traffic Services

Redbridge London Borough Council
Up to £79,000 + benefits
Lead progress in parking Redbridge, London (Greater)
Recuriter: Redbridge London Borough Council

Senior Environmental Services Strategy and Change Officer

Brent Council
£42,684 - £45,585 p.a. inc.
You will be experienced and skilled at designing and delivering cultural change in a large complex organisation and... Wembley, London (Greater)
Recuriter: Brent Council

Project Director (Liveable Exeter Garden City)

Exeter City Council
Up to £75,000 per annum
Our goal is to make Exeter a leading sustainable city Exeter, Devon
Recuriter: Exeter City Council