Two rail workers on the track

New UK Infrastructure Bank can boost rail industry

Chancellor Rishi Sunak has opened the new UK Infrastructure Bank today to support local growth and tackling climate change, with the Railway Industry Association (RIA) welcoming the opportunities it would bring for rail infrastructure projects.

Headquartered in Leeds, the UK Infrastructure Bank will be tasked with accelerating investment into ambitious infrastructure projects, cutting emissions and levelling up each part of the UK.

The UK Infrastructure Bank will have an initial £12bn of capital to deploy and will be able to issue £10bn of government guarantees, helping to unlock more than £40bn of overall investment.

The Chancellor of the Exchequer, Rishi Sunak said: “Opening its doors today, the UK Infrastructure Bank will accelerate our ambitions for tackling climate change and levelling up, while creating new opportunities across the UK as part of our Plan for Jobs.

“Through the Bank, we are investing billions of pounds in world class infrastructure that will support people, businesses and communities in every corner of the UK.”

In response to the opening of the infrastructure bank, Darren Caplan, RIA’s Chief Executive, said: “It’s great to see the new UK Infrastructure Bank set up in Leeds today, which will be vital in supporting infrastructure across the UK, including for rail projects.

“The railway industry looks forward to working with the Bank, to generate a rail-led recovery post-pandemic, with rail investment creating jobs and economic growth across the UK.

“Interestingly, the Bank’s location in Leeds would mean it would be one of the many beneficiaries – alongside communities across the UK – of HS2 being delivered in full, with the Eastern Leg connecting Birmingham to Leeds.

“So, we continue to urge the Government to publish the Integrated Rail Plan and give the green light to the Eastern Leg, unlocking the full connectivity and economic benefits HS2 provides.”

The UK Infrastructure Bank was first announced by Mr Sunak during the Spending Review.

It will finance important projects in every region and devolved nation of the UK, in sectors including clean energy, transport, digital, water and waste. A number of these areas will extend to funding for key rail projects across the network.

RTM Dec/Jan 23

RTM OCT/NOV 22

The Royal Border Bridge's Regal Rejuvenation

Have you got a hankering for some top of the range rail news? With expertly crafted graphic design to tantalise your taste buds for stimulating content, our new edition of Rail Technology Magazine is perfect for you! This edition is filled to the brim with key sector insights from industry leaders discussing innovative working methods, sustainability practices and much more. We would like to invite you to indulge in our latest offering of the magazine collection, to hear from the likes of Kamini Edgley, Director of Safety and Engineering for Network Rail, Martin Beable, Engineering Director at Greater Anglia, amongst many more influential names. Now that your curiosity has peaked, we encourage you to dig in and enjoy the informative fun.                                                                          

Videos...

View all videos
TransCityRail Banner

TransCityRail

Mids \ 09 02 23
South \ 28 09 23
North \ 09 11 23

TransCityRail is a series of regional, interactive and insightful events across the country bringing together leaders, collaborators, problem solvers and innovators in a creative and invigorating way.
 

This series of events supports and informs the whole of the rail industry and connects suppliers with buyers, specifiers, leaders and decision-makers looking to procure a wide variety of innovative products and services for their region.

Podcast

The Green Rail Revolution

Maria Machancoses, Director of Midlands Connect discusses the importance of HS2 to the Midlands and the UK, their collaborative work with the Department for Transport, and how we need to embrace the railways again.

More articles...

View all