UK to set up national infrastructure bank amid pandemic

by IANS |

London, Nov 21 (IANS) The UK's Treasury announced that it will launch a national infrastructure bank to co-invest alongside the private sector in key infrastructure projects, like transport, renewable energy and digital connectivity, amid the Covid-19 pandemic.

Chancellor Rishi Sunak is set to unveil plans next week for the new bank, which is expected to invest more than 600 billion pounds over the next five years, Xinhua news agency quoted the government as saying on Friday.

It will also replace the functions of the European Investment Bank after the end of the Brexit transition period on December 31.

Infrastructure investment will incentivize "better and greener" construction in the country to help resist the ravaging pandemic, according to Sunak.

He added said the move would allow those "in all corners of the UK to get their fair share of our future prosperity".

Sunak called it the "levelling up" agenda.

The Chancellor also confirmed the Treasury will move some staff to a new base in the north of England next year, as part of a shift of 22,000 civil servant roles out of London and the South East.

The location of the new headquarters will be announced "in the coming weeks".

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