UK Infrastructure Bank to facilitate £4bn of local authority projects

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The UK Infrastructure Bank is readying to pump up to £4bn into backing section authorization schemes via pension funds.

The Infrastructure Bank has allocated the backing specifically for the Local Government Pension Schemes (LGPS) for projects.

Chief enforcement of the UK Infrastructure Bank John Flint confirmed that the backing had been acceptable aside.

He said: “The volition was to springiness an inducement to [LGPS schemes] and past they tin travel to america with their projects, and we volition scrutinise that.”

The £4bn program follows connected from an announcement by the authorities successful February to boost organization concern successful infrastructure, including leveraging section authorities pension schemes, arsenic good arsenic ample backstage institutions specified arsenic Legal & General, which has agreed a £4bn concern plan with the West Midlands City Region to boost lodging and infrastructure.

Flint added that the Bank would besides enactment successful an advisory presumption for section authorities. He said: “We volition prime 2 oregon 3 problems oregon challenges we deliberation are communal crossed the LGPS and past make a solution that is applicable to that. We volition past make and showcase them.”

Launched by the chancellor Rishi Sunak successful March past twelvemonth the UK Infrastructure Bank aims to assistance concern infrastructure schemes and enactment arsenic an accelerator for helping the UK scope its net-zero c targets.

Based successful Leeds, the slope is chaired by the erstwhile caput of British Land Chris Grigg.