Director of Infrastructure and Energy Tom Thackray unpacks what the budget will mean, from a new Infrastructure Bank to net zero progress to financial support for hard-hit sectors like aviation.
The Chancellor unveiled his Budget facing the challenge of continuing to support the economy through the remainder of the COVID-19 pandemic while also setting his sights to the future, working towards a longer term economic vision. On infrastructure and decarbonisation, there were also high expectations from business hoping to see new investment to level up the economy and to set the UK on the right track for net zero.
Leeds to host the new UK Infrastructure Bank
Further details were set out on the UK Infrastructure Bank, which will be based in Leeds and start out with £12bn of equity and debt capital. The bank will start operating in the Spring in an interim form, with its position firmed up through legislation brought forward later in the Parliament. Businesses will be pleased that the focus will be on ‘crowding in’ private investment in new technologies and securing support for cru
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